JPMorgan has decided to drop its €900 million lawsuit against Greek fintech Viva Wallet in the UK—but the battle is far from over. The U.S. banking giant says it will continue to pursue the same damages through courts in Greece, the home market of the embattled fintech.
JPMorgan acquired a 48.5% stake in Viva Wallet back in 2022, in a deal meant to cement its foothold in Europe’s fast-growing fintech sector. The remaining ownership stayed with Viva’s founder and CEO Haris Karonis, via his holding company WRL. But what began as a strategic alliance quickly unraveled into a high-stakes legal fight.
In January 2024, JPMorgan filed lawsuits in both the UK and Greece, seeking €917 million in damages tied to what it described as a failed investment. At the heart of the dispute is a clause from the original deal that would allow JPMorgan to take full control of Viva Wallet—but only if the company was valued at under €5 billion by July 2025.
Karonis has accused JPMorgan of actively undermining Viva’s valuation in order to trigger that clause. WRL, meanwhile, claims the bank is using its vast resources to bury them in legal costs and force a lower buyout price.
JPMorgan Keeps Pressure on in Greece as UK Claim Fizzles Out
According to legal filings seen by Sifted, JPMorgan now plans to withdraw its UK claim entirely. A spokesperson for the bank confirmed the move but clarified that the Greek lawsuit will remain active: “We have not withdrawn our damages claim for €917m filed in Greece and we do not have any intention to.”
WRL responded with a sharply worded statement, accusing JPMorgan of trying to manipulate the system. “We welcome JPMorgan’s intention to completely and absolutely discontinue its entire January claim against WRL in the English Court,” the company stated, reiterating its belief that the lawsuit was intended to pressure Viva Wallet through legal tactics.
The case highlights growing friction between traditional financial institutions and the fintech startups they often seek to acquire or partner with. The dispute has already led to internal changes at JPMorgan—Stuart Roberts, the executive overseeing the Viva relationship, resigned from the bank in February.
As the court battle moves solely to Greece, the outcome could set a precedent for cross-border fintech investments and shareholder rights in future deals between big banks and tech startups.
