JP Morgan has agreed to acquire Renovite Technologies, a cloud-based payments technology company, for an undisclosed sum.
Once the acquisition is finalized, JP Morgan Payments, which provides corporate treasury services, trade finance, card and merchant services, will absorb Renovite.
Renovite, headquartered in Fremont, California, was founded in 2015 and provides payment systems with cloud-native software products. The organization assists clients with infrastructure, including switch, reconciliation, security, issuing, ATM, and testing.
As a result of the acquisition, JP Morgan Payments says it can expand its merchant acquiring platform, update its payments strategy, and facilitate its move to the cloud.
According to the bank, the acquisition will “complement” its existing investments in Volkswagen’s payments business and European small-to-medium enterprise (SME) paytech Viva Wallet.
The global head of payments technology at JP Morgan, Mike Blandina, has praised Renovite’s cloud-native merchant acquiring capabilities for enhancing the bank’s ability to serve its customers. By connecting to JP Morgan Payments, merchant acquiring clients on the Renovite platform will have access to a greater selection of global payment methods.
Renovite has been providing services to JP Morgan from its offices in the United Kingdom and India since the previous year. – More on fintechfutures
Source Link JP Morgan will acquire US-based paytech company Renovite
