JPMorgan has agreed to acquire US-based cloud-native payments technology company Renovite Technologies for an undisclosed sum.
Established in 2015, Renovite has developed six cloud-agnostic and payment token agnostic payments products to support their clients to optimise infrastructure, including switch, reconciliation, security, issuing, ATM and testing.
The company, based in Fremont, California, also has a presence in India and the UK and has supplied services to J.P. Morgan since last year.
The deal is expected to help J.P. Morgan Payments develop its latest merchant acquiring platform, strengthening its payments modernisation strategy and supporting its transition to the cloud.
Following the completion of the deal, Renovite will be part of J.P. Morgan Payments which integrates corporate treasury services, trade finance, card and merchant services capabilities at the company.
JPMorgan payments and commerce solutions global head Max Neukirchen 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.”
The latest deal complements JPMorgan’s proposed strategic investment in Viva Wallet, subject to regulatory approvals, and the strategic partnership with Volkswagen Financial Services.
Renovite CEO and founder Viren Rana said: “Renovite’s mission is to provide modernised 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.”
The closing of the transaction is subject to customary closing conditions.
