Greek payments company Viva Wallet said on Wednesday it secured funding of $80 million from technology and financial services investors, including Tencent, the European Bank for Reconstruction and Development (EBRD) and Breyer Capital.
Viva Wallet, which operates in 23 European markets, said it plans to deploy the funds to launch ‘Merchant Advance’ loans for its clients across Europe.
Athens-based Viva Wallet acquired Greek digital bank Praxia last year, rebranding it to Vivabank.
It said its credit products will be serviced through Vivabank, leveraging third-party special purpose vehicle (SPV) financing through a loan securitisation process.
Jefferies facilitated Viva Wallet’s financing process and the SPV funding. Jefferies had advised the fintech firm on a 500 million euro ($590 million) fundraising last year.
The new financing will also speed up Viva Wallet’s deployment of its ‘Tap-on-Phone’ solution, which can turn any Android device into a card terminal, it said.
Neobanks have become increasingly popular among investors in Europe.
Led by Chief Executive Haris Karonis, who secured an e-money licence in 2015, Viva sells loans on its books to special purpose vehicles within 24 hours of finalising them, removing the risk from its balance sheet.
Tencent Holdings Ltd is an investment holding company principally involved in the provision of value-added and online advertising services.