"The Viva team welcomes today's court decision, which paves the way for a proper valuation of the company. The decision states that Viva should be valued based on its full market potential, including the company's lucrative expansion plan in the Americas," says Haris Karonis, CEO of Viva Wallet, regarding the court's decision in the dispute with JP Morgan.

Harris Karonis goes on to say: 

"In ruling in favour of WRL (Harry Karonis' company), the court rejected JP Morgan's attempts to rewrite the terms of the shareholders' agreement to require that certain legal restrictions applicable solely to JP Morgan (and not to Viva) be taken into account in the valuation. These legislative restrictions would significantly alter the valuation and would excessively reduce the value of the company by up to 50%, to the benefit of JP Morgan and to the detriment of the interests of Viva's founders and the more than 200 employees participating in the Stock Option Plan.

The decision also suggests that the previous valuation of the company by Houlihan Lokey and JP Morgan, which was based on obviously false data, is invalid.

As CEO, I invite both shareholders to proceed with the agreed valuation process, which is the one that captures the present and future value of Viva. The valuation will now take into account Viva's true market position as well as sound financial projections with a time horizon of at least 2030, reflecting the full range of the company's growth prospects for both Europe and the Americas, leaving any litigation and disputes in the past.

Prior to the trial and for a period of 2.5 years, JP Morgan sought to block any plans for Viva's expansion in the Americas, based on the US regulatory framework to which only JP Morgan is subject. JP Morgan admitted that this treaty did not apply, only shortly before the trial. Today's decision now makes it clear that Viva should be valued on the basis that the US regulatory framework does not restrict its expansion into the US market with its unique and innovative Tap on Any Device technology.

Our goal is to restore the Viva team's faith and confidence in JP Morgan. We want a shareholder that respects the basic principles of corporate governance of a financial institution, puts its interests first, and does not create a toxic environment for it.

At this stage, the company has now balanced its monthly revenues and expenses (breakeven), enhancing its ability to invest in its growth. We hope that the recent changes in the JP Morgan Payments leadership team will provide an opportunity to re-engage in a constructive dialogue and to meaningfully support this growth plan.

We have been successful in creating a platform with direct connectivity to all local card and alternative payment schemes across Europe. Viva has established itself as a pioneer in Tap on Any Device technology, enabling every merchant in Europe and soon in the Americas to accept payments on any device. The company continues to optimize its operations through the extensive use of artificial intelligence.

Viva will intensively implement its growth strategy, strengthening its position as a leading tech bank in the merchant payments sector, not only in Europe but also in the Americas, and achieving its true valuation".

JP MORGAN RESPONSE

"Today's decision is an excellent outcome for JP Morgan and for Viva, charting a commercial path forward," JP Morgan said in a statement regarding the court's decision on the dispute between the two companies.

"With a financial stake in the company, we have repeatedly offered ways to help the company expand and succeed," JP Morgan notes, adding that "the court has now provided a critical step to move forward with fair and transparent valuations - which could allow Viva to be sold soon, before activity in the Fintech M&A market declines further."