Greek fintech Viva Wallet, which offers credit and payment services to businesses, has secured additional financing of $80m.

Several investors including Tencent, the European Bank for Reconstruction and Development (EBRD) and Breyer Capital joined the round.

The company plans to utilise the new proceeds to expedite the deployment of its ‘Tap-on-Phone’ solution.

The solution turns an Android device into a card terminal enabling businesses to accept in-store contactless and PIN payments.

A part of the proceeds will be used to build its loan programme. Viva Wallet will launch Merchant Advance loans for its clients across Europe. The credit products are serviced through Vivabank.

Notably, Viva Wallet acquired digital challenger Praxia Bank last year, which is now rebranded as Vivabank.

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Furthermore, the neobank will launch ‘one-line-of-code-integration’ Smart-Checkout to leverage cardholders’ locality and preferences to improve conversion rates.

Viva Wallet founder and CEO Haris Karonis said: “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, localised payment experience to all their clients, and liberate them from the hassle of maintaining legacy card terminals.”

Tencent Investment managing director Danying Ma said: “Tencent shares Viva Wallet’s aspirations of creating value for users and partners through innovation. We look forward to supporting Viva Wallet in its expansion across Europe.”

Currently, Viva Wallet is live in 23 European countries.