Greece’s Fintech pioneer Viva Wallet, on a mission to change how business pay and get paid, has closed an $80 million in finance.

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Viva Wallet, which is the first European and entirely cloud-based neobank from Greece using Microsoft Azure, has secured an $80 million in finance to further expand its businesses in Europe. Viva Wallet’s services focuses on small to medium merchants and businesses. Among the backers of the round is the highly respected Chinese tech giant Tencent, European Bank of Reconstruction and Development (EBRD) with Breyer Capital and Hedosophia also taking part.

The company provides businesses of all sizes, card acceptance services through innovative Smart Android terminals or the new Android Viva, bringing the total amount of accepted payment methods to 24. They have already been active in 23 countries in Europe while being a Principal Member of Visa and Master Card for acquiring and issuing services offering business accounts with local IBAN and a business Viva Wallet Mastercard card. They are also planning to further expand in Croatia, Hungary and Sweden.

Viva Wallet plans on using this money to especially expand its Merchant Advance loans business as well as to further grow their areas of expertise like the Tap-on-Phone service that makes your android device into a contactless and PIN payment terminal. While they are not disclosing their valuation at the moment they are currently on talks to closing a series D that will bright their total valuation at $1.5 billion. The startup has already been profitable for the first quarter of this year, having more than 60,000 active merchants estimating the number to grow to 100,000 by the end of the year.

Founder and CEO of Viva Wallet Haris Karonis also commented “We are confident that our investors’ extensive know-how and network of partnerships will accelerate Viva Wallet’s plan to unify the fragmented European payments market. The technology innovations that we are bringing forward to European merchants will help them provide a frictionless payment experience to all their client and liberate them from the hassle of maintaining legacy card terminals”.

Viva Wallet’s focus top priority is and will continue to be the European SMEs “providing a pan-European payments solution which however is very much localized to address merchants’ true local needs in terms of local payments acceptance”. The company has no plans to expand its business into the consumer space though quoting that “consumer market has so far proven to be a tough-margin game”.

That said, its no wonder why the company has been so profitable (more than 40% growth the last year). As the company’s VP of strategy and business development said, one of the main reason for its success hides “in the very localized approach to growth that the company has taken, setting up operations with physical branches in each of the countries where it is active”

Source: TechCrunch “Greece’s Viva Wallet raises $80M for its neo-bank targeting small business merchants”

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