On June 13, 2024, a London High Court verdict settled a lawsuit involving J.P. Morgan Chase and Haris Karonis, the CEO and founder of the Greek FinTech startup Viva Wallet. The settlement represents a turning point in J.P. Morgan's approach to investing in fast-growing FinTech startups, by potentially opening the door to Viva Wallet's sale. Two years prior, J.P. Morgan had made over $800 million in investments in Viva Wallet, gaining a 48.5% share. Disagreements over the company's valuation led to mutual legal claims in February 2024, with Karonis alleging that J.P. Morgan attempted to devalue Viva Wallet, while the bank accused Karonis of circumventing its investor rights.
The court's decision clarified Viva Wallet's value and prospects for market growth by accepting portions of both sides' arguments. This settlement puts an end to J.P. Morgan's legal issues and prepares the way for Viva Wallet's possible sale. The Viva Wallet platform offers payment services in 24 countries and holds a banking license after acquiring Praxia in 2020. J.P. Morgan expressed satisfaction with the decision, anticipating expedited valuations and sales before market conditions softened. Karonis also welcomed the ruling, noting it allows for a fair market valuation based on Viva Wallet's growth strategy in the United States.
