J.P. Morgan today revealed it has signed an agreement for the acquisition of cloud-native payments technology company Renovite Technologies, Inc.
According to the official announcement, the strategic acquisition will help J.P. Morgan Payments build its merchant acquiring platform, bolster the its payments modernization strategy and support its journey to the cloud.
Once the transaction is finalised, Renovite will become part of J.P. Morgan Payments, which combines corporate treasury services, trade finance, card and merchant services capabilities.
Max Neukirchen, Global Head of Payments & Commerce Solutions, J.P. Morgan, 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.
California-headquartered Renovite was founded in 2015. The firm focuses on cloud-native technology and has built six cloud-agnostic and payment token-agnostic payments products to help their clients to optimize infrastructure, including switch, reconciliation, security, issuing, ATM and testing.