JPMorgan and a Greek fintech company put together a plan to settle their ongoing disagreement
In a significant development, the UK Commercial Court has granted an anti-suit injunction against JPMorgan, a major shareholder in Viva Wallet, preventing the bank from pursuing parallel proceedings in Greece against the company's co-founder and board directors. This ruling, which came in August 2025, has had far-reaching implications for Viva Wallet's potential sale, ongoing lawsuits, and future growth prospects.
The dispute revolves around the valuation of Viva Wallet. Under the terms of the deal, JPMorgan could take full control of the company if its valuation falls below €5 billion by July 2025. However, Haris Karonis, Viva Wallet's co-founder, argues that the company is being deliberately blocked from entering certain markets to keep its valuation down.
The court found that the shareholder agreement included an implied covenant preventing JPMorgan from litigating in jurisdictions that would not recognize agreed exclusions of liability, effectively blocking JPMorgan's Greek lawsuit. JPMorgan appealed this decision, but the UK Supreme Court rejected their appeal, further solidifying the injunction and limiting JPMorgan’s ability to claim damages via foreign courts.
This legal ruling has several implications for Viva Wallet. Firstly, it eases legal uncertainty around the company’s valuation and governance disputes, making it a cleaner asset for future transactions. However, the litigation saga shows underlying tensions that could complicate any sale or merger negotiations.
Secondly, the court’s decisions have effectively curtailed JPMorgan’s ability to pursue litigations beyond the UK jurisdiction, reducing the risk of parallel lawsuits that could have distracted management or inflicted reputational damage.
Thirdly, despite the shareholder dispute and legal battles, Viva Wallet continues to perform well in the competitive European fintech market. The resolution of high-profile litigation should allow management to refocus on innovation and expansion efforts, including initiatives like its payments innovation lab in Athens launched with JPMorgan’s investment in 2022.
In summary, the court rulings have limited JPMorgan’s legal challenges against Viva Wallet directors, reducing litigation risks and clarifying corporate governance. While this stabilizes the company's position for potential sales and growth, it still faces competitive pressures and scrutiny inherent in the fintech sector.
Meanwhile, Takis Georgakopoulos, the JPMorgan payments executive credited as the architect of the Viva deal, is leaving the bank to pursue an opportunity outside the firm. Meanwhile, Fiserv has announced that they are hiring Georgakopoulos.
The valuation of Viva Wallet is currently under consideration by a London court. There is a significant discrepancy between the valuations of Viva by EY and Houlihan Lokey, with EY estimating Viva at €3 billion and Houlihan Lokey at €1 billion. Karonis stated that a valuation under Moulder's framework would consider Viva's actual market position, financial projections, and growth potential in Europe and the U.S.
JPMorgan has noted that fintech valuations have plummeted since the deal was struck in 2022. However, Karonis mentioned that JPMorgan, before the trial, accepted that a Viva valuation not including future U.S. growth was incorrect. A spokesperson for JPMorgan has stated that they have repeatedly offered ways to help Viva Wallet expand and succeed.
Karonis aims to restore the Viva team's faith and trust in JPMorgan, seeking a shareholder that respects corporate governance, does not create a toxic environment, and prioritizes the company's best interests. The court ruling provides a critical step to move forward with fair and transparent valuations for Viva Wallet.
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