J.P. Morgan today revealed it has signed an agreement for the acquisition of cloud-native payments technology company Renovite Technologies, Inc.
According to the official announcement, the strategic acquisition will help J.P. Morgan Payments build its merchant acquiring platform, bolster the its payments modernization strategy and support its journey to the cloud.
Once the transaction is finalised, Renovite will become part of J.P. Morgan Payments, which combines corporate treasury services, trade finance, card and merchant services capabilities.
Max Neukirchen, Global Head of Payments & Commerce Solutions, J.P. Morgan, said:
We are excited to acquire Renovite and accelerate our roadmap for helping our clients stay at the cutting-edge of payments innovation. This acquisition will help us achieve our goal to develop the next-generation payments processing platform globally.
California-headquartered Renovite was founded in 2015. The firm focuses on cloud-native technology and has built six cloud-agnostic and payment token-agnostic payments products to help their clients to optimize infrastructure, including switch, reconciliation, security, issuing, ATM and testing.
Additionally, Renovite has a presence in India and the UK and has provided services to J.P. Morgan since 2021.
Viren Rana, CEO & founder, Renovite, commented:
Renovite’s mission is to provide modernized infrastructure in the cloud with the latest technology, agility and in-depth knowledge of the payments landscape. We are very proud of the team and the world-class payment technology that we’ve built and are excited to be part of J.P. Morgan Payments. 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, J.P. Morgan, added:
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.