/payments

News and resources on payments systems, innovations and initiatives worldwide.

Judge paves way to end JPMorgan-Viva Wallet valuation dispute

The legal tussle between JPMorgan and the founder of Viva Wallet over the Greek payments firm's valuation appears to have been settled by a UK judge.

Be the first to comment

Judge paves way to end JPMorgan-Viva Wallet valuation dispute

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

JPMorgan paid around $800 million for a 48.5% stake in Viva Wallet in 2022. The payment firm's founder, Haris Karonis, owns 51.49% through his Werealize.com operation.

Earlier this year, Karonis began legal proceedings against the Wall Street bank over what he claims are tactics to suppress his company’s growth. Karonis alleged JPMorgan is trying to drive down the valuation of his business by blocking its entry into the US and new European markets.

Under the terms of the bank's investment in Viva, Werealize.com loses the right to reject a JPMorgan takeover offer if the fintech is valued below €5 billion in June 2025.

The London judge has dismissed the claim that JPMorgan had an incentive to depress Viva's valuation but has set out how the business should be valued.

In a statement, Karonis welcomes the ruling "which paves the way for a proper valuation of Viva. The ruling holds that Viva should be valued according to its full market potential, which includes its lucrative US expansion plans."

A JPMorgan spokesperson says: "With a financial stake in the company, we have repeatedly offered ways to help the company expand and succeed. The court has now provided a critical step to move forward with fair and transparent valuations - which could allow Viva to be sold soon, before the Fintech M&A market further softens."

Sponsored [Webinar] Payment Scams and Fraud: Changing Bank Behaviour and Regulatory Frameworks

Comments: (0)

[Webinar] Banks and Credit Unions: How to Establish the Core Banking BlueprintFinextra Promoted[Webinar] Banks and Credit Unions: How to Establish the Core Banking Blueprint