J.P. Morgan Chase is acquiring payments startup Renovite for undisclosed terms to use its technology to underpin the expansion of the bank’s merchant acquiring space worldwide, propel its journey to the cloud in payments and enable faster processing.
With Renovite, J.P. Morgan Payments will build its next-generation merchant-acquiring platform while strengthening the bank’s payments modernization strategy, according to a press release on Monday (Sept. 12).
Under the acquisition deal and once the transaction is closed, Renovite will become part of J.P. Morgan Payments, which incorporates treasury services, trade finance, card and merchant services capabilities.
Max Neukirchen, Global Head of Payments & Commerce Solutions at J.P. Morgan, said the acquisition of Renovite will speed up the bank’s journey to help its customers “stay at the cutting-edge” of the latest payments technology.
“This acquisition will help us achieve our goal to develop the next-generation payments processing platform globally,” Neukirchen added.
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Headquartered in Fremont, California and founded in 2015 by CEO Viren Rana, Renovite focuses on cloud-native technology and has developed six proprietary, cloud-agnostic and payment token-agnostic payments products. The products are aimed at helping their clients augment and enhance infrastructure, including switch, reconciliation, security, issuing, ATM and testing, according to the release.
Renovite has offices in India and the U.K. and has worked with J.P. Morgan supplying services since 2021.
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“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,” said Rana.
“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,” Rana added.
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