JP Morgan invests in Indian paytech ISG, buys stake in Viva Wallet
JP Morgan has made a strategic investment in Indian payment solutions provider In-Solutions Global (ISG).
JP Morgan invests in ISG, completes Viva Wallet deal
Established in 2004, Mumbai-based ISG claims to enable over 17 billion transactions annually for its clients through Genius, its Payments-as-a-Service platform, which the firm says is “secure, scalable and easy to integrate” and offers “seamless” connectivity with various payment methods, on-time settlements and quick reconciliation.
With the fresh funding, ISG plans to strengthen its product offerings and boost its expansion in international markets.
JP Morgan says it will utilise its new partnership “to accelerate the ability to capture additional payment methods in APAC” – a region it claims accounts for the largest e-commerce retail sales globally. The bank is expanding its merchant acquiring capabilities in the region and adds it will be live in seven markets by the end of the year.
“We are the only bank in the region that can offer an end-to-end and a holistic payments experience at scale – ranging from merchant acquiring, to treasury services and trade – and will continue to invest in solutions that are integrated and scalable for clients operating in or expanding into the region,” says Madhav Kalyan, head of payments for APAC at JP Morgan.
Additionally, the bank’s deal to acquire a 48.5% stake of Viva Wallet, a European cloud-based payments company, closed this week having initially been announced at the start of the year. The deal was closed for a sum of over $800 million, according to Reuters.
Founded in 2000, Viva Wallet is headquartered in Athens, Greece, and focuses on serving small and medium-sized businesses (SMBs) in 23 countries. Its platform offers services including tap to device technology, merchant cash advance, bill pay, expense management, virtual debit card issuance, cash disbursement and gift cards.
The transaction has eliminated Viva Wallet’s debt and further increased its capital following a €100 million cash injection by JP Morgan.
