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- J.P. Morgan (NYSE:JPM) to acquire an ownership stake of ~ 49 percent in European cloud-based payments fintech company Viva Wallet Holdings Software Development.
- Financial terms of the transaction were not disclosed.
- The strategic investment sets the stage for expanded future omnichannel merchant acquiring capabilities for European SMBs, value-added services and payments innovation.
- The addition is a natural fit for J.P. Morgan’s Payments business – which combines corporate treasury services, trade finance, card and merchant services capabilities – to deliver an integrated payments experience to clients across the economy.
- Last year, it entered into a strategic partnership with Volkswagen Financial Services AG, with plans to acquire a controlling interest of close to 75% in the car manufacturer’s payments platform to enhance the bank’s digital payment capabilities.