JP Morgan Ends Legal Dispute with Greek Fintech Viva Wallet

In 2022, JPMorgan acquired a 48.5% stake in Viva Wallet, one of Greece's largest fintech companies, with the rest controlled by founder and CEO Haris Karonis through his holding company, WRL. However, the deal soured quickly, leading both companies to file lawsuits against each other.

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In January, JPMorgan filed lawsuits in Greece and the UK, seeking €917m in damages for losses related to its 2022 investment.

Legal filings reviewed by Sifted show that JPMorgan now plans to drop its claim in the UK but will continue pursuing the case in Greece.

A JPM spokesperson told Sifted: “We have not withdrawn our damages claim for €917m filed in Greece and we do not have any intention to.”

The dispute mainly centers around a clause in the original deal that gave JPMorgan the right to take over the business if it was valued below €5bn by July 2025. CEO Karonis has accused JPMorgan of attempting to lower Viva’s valuation to make this possible.

In a statement shared with Sifted, WRL accused JPM of attempting to “use its size and power to drive down the value of Viva and bury WRL […] in unnecessary legal fees”.

The company added: “We welcome JPMorgan’s intention to completely and absolutely discontinue its entire January claim against WRL in the English Court.”

The strained relationship between Viva and JPMorgan highlights the banking industry's fragile connection with fintech. Stuart Roberts, the JPMorgan executive in charge of overseeing its dealings with Viva, left the company in February.

About JPMorgan

JPMorgan Chase & Co. is the largest bank in the U.S. and a leading global financial services firm. It offers a wide range of services, including consumer and business banking, investment banking, asset management, and payment processing. The company’s roots go back to 1871 with the founding of J.P. Morgan & Co., which later merged with Chase Manhattan Bank.