Greek FinTech Viva Wallet is reportedly planning to gain €500mn in capital.
In Brief:
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The payments firm will bolster its virtual business.
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Viva Wallet has acquired a banking license through Praxia Bank.
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It will raise the capital by offering investors shares in a new legal entity of the bank.
What does this mean?
Viva Wallet is on its way to becoming a full bank, with the “new entity” taking care of banking loans the company already offers. It eventually wants to sell the loans on its books, lowering its risk as it becomes a “neobank without a loan book”, according to sources cited by Crowdfund Insider.
