J.P. Morgan (NYSE: JPM) is to acquire Renovite Technologies, Inc. (Renovite), a Fremont, California-based cloud-native payments technology company.
The amount of the deal, whose final transaction execution is subject to customary closing conditions, was not disclosed.
The acquisition of Renovite will help J.P. Morgan Payments build its merchant acquiring platform, bolster the firm’s payments modernization strategy and support its journey to the cloud. Upon closing of the transaction, Renovite will become part of J.P. Morgan Payments, which combines corporate treasury services, trade finance, card and merchant services capabilities at the firm, delivering an integrated payments experience to clients across the economy.
Founded in 2015 and led by Viren Rana, CEO & founder, Renovite focuses on cloud-native technology. The company has built six proprietary, cloud-agnostic and payment token agnostic payments products to help their clients to optimize infrastructure, including switch, reconciliation, security, issuing, ATM and testing. Renovite also has a presence in India and the United Kingdom and has supplied services to J.P. Morgan since 2021.
This acquisition complements J.P. Morgan’s proposed strategic investment in Viva Wallet (subject to regulatory approvals) and the strategic partnership with Volkswagen Financial Services AG.
FinSMEs
13/09/2022