Viva Wallet is looking to raise €500 million to support its digital banking operations, eight months after securing a banking licence through a merger with Praxia Bank.
Reuters reported that the Greek payments FinTech has hired investment bank Jefferies to advise on the fundraising, which will offer stakes in a new legal entity that will take on all Viva Wallet’s banking loans. Both firms declined to comment.
Viva is looking to sell loans on its books to a special purpose vehicle within 24 hours of finalising them, removing the risk from its balance sheet.
The Athens-based business offers cloud-based payments services in 23 European countries, providing payment in three currencies – the euro, pound sterling and Romanian leu.
In January, it acquired Greece’s first digital challenger Praxia Bank, which was owned by former Barclays boss Bob Diamond and fellow Atlas Merchant Capital partner David Schamis.
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