JP Morgan, the leading US bank, has procured Renovite Technologies, a payment fintech, as a part of its cloud-first strategy.

Many banking institutions are migrating to cloud-based systems by acquiring fintech companies. JP Morgan’s acquisition of Renovite Technologies will help the bank adopt cloud-based IT with the help of the fintech’s cloud-native payments technology.

According to JP Morgan, the acquisition will make it possible to achieve its objective of developing next-generation platforms to process payments.

Mike Blandina, the bank’s global head of payments technology, said that integrating JP Morgan Payments with Renovite’s payments platform would provide merchants with more reliable payment methods to expand their business.

Viren Rana, Renovite’s founder and CEO, said that the company’s objective was to deliver a modern cloud-based infrastructure with ultramodern technology. Renovite’s headquarters are located in California, and the company also operates from India and the UK.

Rana, who spoke on the team’s behalf, expressed the team’s excitement about being associated with JP Morgan Payments. He believes the transaction contributes to their joint vision of providing top-of-the-line payment services for the bank’s clients.

Although sources from JP Morgan were tight-lipped about the details of the deal, this is a classic example of the banking giant deploying funds to stay abreast of fintech developments.

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