JPMorgan Chase (NYSE: JPM), on September 12, agreed to acquire the California payment startup company Renovite Technologies, Inc. (Renovite), as it aims to speed up the delivery of their cloud payment offerings.
Until now, Renovite has had a presence in India and the UK, while it has been supplying services to JPMorgan since 2021. So far, the financial terms of the deal have not been disclosed.
Max Neukirchen, Global Head of Payments & Commerce Solutions, JPMorgan, lauded the acquisition.
“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.”
This strategic acquisition should help the US bank build out its next-generation merchant acquiring platform, assist the firm with its cloud transition as well as boost Chase Bank’s payment modernization strategy.
Viren Rana, CEO, and founder of Renovite highlighted the importance of the strategic tie-up.
“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.”
JPMorgan is taking a serious approach to serving its global clients with this acquisition, as it should bolster the bank’s resiliency and help optimize its infrastructure. Additionally, this new acquisition lines up nicely with their earlier investment in Viva Wallet and their strategic partnership with Volkswagen Financial Services AG.
Finally, the transaction is subject to customary closing conditions, with additional regulatory approval queued up for other JPM acquisitions and partnerships.
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