JPMorgan to buy payments fintech Renovite
By Michele Maatouk
Date: Monday 12 Sep 2022
(Sharecast News) - JPMorgan has agreed to buy California-based cloud-native payments technology firm Renovite for an undisclosed sum.
The bank said the deal will help JPMorgan Payments build its next-generation merchant acquiring platform, bolster the firm's payments modernisation strategy and support its "journey to the cloud".
Upon closing, Renovite will become part of JPMorgan 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.
Max Neukirchen, Global Head of Payments & Commerce Solutions at JPM, 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."
Founded in 2015, Renovite has built six proprietary, cloud-agnostic and payment token agnostic payments products to help their clients to optimise infrastructure, including switch, reconciliation, security, issuing, ATM and testing. Renovite also has a presence in India and the UK and has supplied services to JPM since 2021.
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