J.P. Morgan has agreed to acquire payments technology company Renovite to support its journey to the cloud.
Renovite will join J.P. Morgan Payments, which combines treasury, trade finance, card, and merchant services. The acquisition complements the firm’s planned investment in Viva Wallet and its partnership with Volkswagen Financial Services AG.
Closing conditions affect final transaction execution.
Renovite has six products to help clients optimize infrastructure: switch, reconciliation, security, issuing, ATM, and testing. Since 2021, the company has provided services to J.P. Morgan in India and the UK.
“We are excited to acquire Renovite and accelerate our roadmap for helping our clients stay at the cutting-edge of payments innovation,”
said Max Neukirchen, Global Head of Payments & Commerce Solutions, J.P. Morgan.
“The contemplated transaction will help us to realise our joint vision to deliver world-class payments capabilities globally for J.P. Morgan Payments clients,”
said Viren Rana, CEO & Founder, Renovite. – More on FinTechNews
Source Link JPMorgan will buy Renovite to improve its payments strategy
