JP Morgan to acquire US paytech firm Renovite

JP Morgan has signed an agreement to acquire cloud-based payments technology firm Renovite Technologies for an undisclosed sum.

Once the acquisition is complete, Renovite will become part of JP Morgan Payments – which provides corporate treasury services, trade finance, card and merchant services.

Founded in 2015 and based in Fremont, California, Renovite offers cloud-native software products for payment systems, helping clients with infrastructure, including switch, reconciliation, security, issuing, ATM and testing.

Through the acquisition, JP Morgan Payments says it will be able to build out further its merchant acquiring platform, modernise its payments strategy and support its transition to the cloud.

The bank adds that the acquisition “complements” its investment in European SME paytech Viva Wallet and its stake in Volkswagen’s payments business.

“Renovite’s cloud-native merchant acquiring capabilities are already helping us better serve our clients,” says Mike Blandina, global head of payments technology, JP Morgan. “As the Renovite platform integrates with JP Morgan Payments, merchant acquiring clients will be able to accept more methods of payments around the globe.”

Renovite has offices in the UK and India and has been providing its services to JP Morgan since last year.