JP Morgan (NYSE: JPM) has signed an agreement to acquire Renovite Technologies, Inc., a cloud-native payments payments provider. Details on the agreement were not immediately available.
Headquartered in California with offices in the UK and India, Renovite was founded to develop the next generation of consumer payments solution for banks, processors, and merchants. Renovite has developed a new suite of payment solutions that are designed to be easily integrated within legacy environments or as new platform deployments.
JPM says the acquisition will help it build its next-generation merchant acquiring platform, while supportings its payments platform and its migration to the cloud. Once the deal closes, Renovite will become part of JP Morgan Payments, a multifaceted Fintech provider that includes payments as well as other services like card management.
Viren Rana, CEO & founder of Renovite, said they are proud of the team and worldclass payment tech they have built and they are excited to join JPM:
“This business is the natural home for our people and technology. We believe that the contemplated transaction will help us to realize our joint vision to deliver world-class payments capabilities globally through next-generation infrastructure for J.P. Morgan Payments clients.”
Mike Blandina, Global Head of Payments Technology at JP Morgan, stated:
“Renovite’s cloud-native merchant acquiring capabilities are already helping us better serve our clients. As the Renovite platform integrates with J.P. Morgan Payments, merchant acquiring clients will be able to accept more methods of payments around the globe to help grow their business.”
JPM described the strategic move as evidence of its commitment to deliver “resiliency and optimized infrastructure.”
This acquisition is also expected to complement JPMs proposed strategic investment in Viva Wallet and the partnership with Volkswagen Financial Services AG.
Completing the deal is subject to customary closing conditions.
