JP Morgan has signed an agreement to acquire Renovite Technologies, a leading cloud-native payments technology company, the bank said in a release. Renovite works out of Noida in India.
At the transaction’s closing, Renovite will become part of JP Morgan Payments, which combines corporate treasury services, trade finance, and card, and merchant services capabilities at the firm.
“This acquisition will help us achieve our goal to develop the next-generation payments processing platform globally,” said Max Neukirchen, global head of payments & commerce solutions, JP Morgan.
The strategic acquisition of Renovite will help JP Morgan Payments build its merchant acquiring platform, and aid the firm’s payments modernisation strategy.
“Renovite’s mission is to provide modernised infrastructure in the cloud with the latest technology, agility, and in-depth knowledge of the payments landscape,” said Viren Rana, chief executive officer (CEO) & founder, Renovite.
“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 JP Morgan Payments clients,” he added.
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Renovite has a presence in India and the United Kingdom and has supplied services to JP Morgan since 2021.
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