JP Morgan is set to acquire a 49 per cent stake in Greek payments platform Viva Wallet.
The price of the acquisition was not confirmed, however sources reported by Reuters said that JP Morgan's investment will worth be over $1.15 billion.
Viva Wallet, founded in 2000, offers cloud-based payment services aimed at SMEs in 23 European countries.
The sources valued the Athens-based FinTech at $2 billion.
The news comes after the US banking giant announced earlier this month that it was set to spend $12 billion on technology in 2022.
Jamie Dimon, chief executive at JP Morgan, said the bank would need to “spend a few bucks” to beat competitors.
"We are very excited to make a strategic investment in Viva Wallet to support their vision to empower new growth and payments innovation targeted at European small and midsize businesses," head of global payments at JP Morgan Takis Georgakopoulos told Reuters.
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