JPMorgan’s Greek Fintech Unicorn Draws Regulatory Blitz

JPMorgan Chase purchased a 49% stake in Greek payments fintech Viva Wallet for $800 million, making it Greece's first tech unicorn valued at $1.6 billion.
Viva Wallet's expertise in navigating complex financial laws and compliance issues in European jurisdictions made it an attractive investment for JPMorgan as it expands in Europe.
However, it has been revealed that Viva Wallet was under scrutiny from financial regulators across Europe and had dismissed several compliance employees who raised concerns about the business.
Regulatory documents and interviews with former Viva Wallet employees with direct knowledge of its regulatory operations support these claims.
This information was not widely known or previously reported at the time of the deal.