UK Judge Settles the Legal Tussle Between JPMorgan and the Founder of Viva Wallet
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JPMorgan and the founder of Viva Wallet have been in a legal battle over the valuation of the Greek payment firm. However, the legal tussle has finally been settled by a UK judge.
Viva Wallet’s Founder Acuses JPMorgan of Hindering Its Progress
The issue between the two parties emerged within a year after JPMorgan paid around $800 million for a 48.5% stake in Viva Wallet. Meanwhile, Haris Karonis, the founder of the payment firm, owns a 51.49% stake through his Werealize.com operation.
https://x.com/oost_marcel/status/1740022606932185211
According to Karonis, who started legal proceedings against the leading Wall Street bank earlier this year, JPMorgan used tactics to suppress his company’s growth ever since. He claims that the bank’s goal is to drive down the value of his business and that the bank was responsible for Viva Wallet’s inability to enter the US and new EU markets.
While this may seem counterproductive at first, as the bank did buy a 48.5% stake in the payment firm, there was a clause as part of the investment that reveals how JPMorgan could benefit from Viva Wallet’s struggles.
Specifically, the bank’s investment came with a term that allowed it to take over the firm if the fintech was valued under 5 billion EUR in June 2025, and Werealize.com would lose the right to reject the takeover.
While this situation somewhat explains Karonis’ claims, it is still not proof that JPMorgan is actually doing what the Viva Wallet’s founder alleged.
The UK Judge Resolves The Dispute
In a new twist, the London judge dismissed the claim that JPMorgan had an incentive to depress Viva Wallet’s valuation. However, the judge also set out how the business should be valued.
Despite the fact that his claims have been rejected, Karonis seems pleased with this ruling, welcoming it as a decision that will pave the way for his company’s proper valuation. According to the ruling, Viva should be valued according to its full market potential. This includes its lucrative US expansion plans, which will certainly improve the firm’s valuation moving forward.
Meanwhile, a JPMorgan spokesperson stated that the bank has a financial stake in the company, and because of this, it has repeatedly offered ways to help it expand and succeed. With the new ruling, the court has provided a way to move forward and ensured that Viva’s valuation would be fair and transparent.
They added that this could even allow Viva Wallets to be sold soon, before the Fintech M&A market softens further.
