JP Morgan has reached an agreement to purchase a 48.5% stake in Greek payments fintech Viva Wallet for over $800m, Reuters has reported.

Established in 2000, Viva Wallet currently caters to small and midsize businesses (SMBs) in 23 countries across the globe.

The firm offers card acceptance solutions via its point-of-sale (POS) application as well as add-on Google play devices and improved payment tools in online outlets.

In January this year, JP Morgan announced a deal to buy Viva Wallet without disclosing the financial value of the transaction.

Both the firms are set to announce the new deal early this week, the unnamed source told the agency.

They refused to provide any further details on the development.

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JP Morgan will buy the stake from Viva Wallet’s minority shareholders such as Latsis family office, UK-based fund Hedosophia and Deca Investments.

Latsis family office currently owns nearly 13% stake in Viva Wallet, while Hedosophia and Deca Investments hols approximately 24% and around 10% stakes, respectively, in the firm.

At the time of announcing the deal, J.P. Morgan Payments global head Takis Georgakopoulos said: “We are very excited to make a strategic investment in Viva Wallet to support their vision to empower new growth and payments innovation targeted at European small and midsize businesses (SMBs) and middle market merchant services clients.

“The European payments landscape is fragmented yet large in terms of opportunity, with more than 17 million merchants ready to implement scalable payments solutions and this is a big focus area for added growth for J.P. Morgan Payments in the future.”

In September this year, J.P. Morgan revealed a deal to purchase cloud-native payments technology firm Renovite Technologies.