Fintech
JPMorgan’s latest fintech struggle highlights the pain of sellers’ remorse
The venture capital bubble of 2020-2022 has left many investors with buyers’ remorse. But overconfidence also hurt some sellers whose trades turned out to be much worse than they expected. This appears to be the case for the owner of a Greek payments company called Viva Wallet and JPMorgan Chase & Co.
Viva Wallet backers sold just under half of their company to JPMorgan for 800 million euros ($856 million), valuing it at 1.66 billion euros in 2022. The deal also included the possibility for the bank to buy the rest of the business, which the sellers said gave them an exit valuation of at least 5 billion euros. It was a nice payday to adapt to the times, but then fintech collapsed and a battle started to erupt.