JP Morgan All Set To Acquire US Cloud-based paytech Firm, Renovite
JP Morgan is all set to acquire a cloud-based paytech firm in the UK, Renovite, for an undisclosed sum. With the completion of the deal, Renovite will officially become part of JP Morgan Payments, which includes trade finance, merchant, and corporate treasury services.
California-based startup Renovite, founded in 2015, provides cloud-native software products for payment systems, assisting clients with security issuing, reconciliation, switch, ATM, and testing infrastructure.
JP Morgan Payments claims that the acquisition will help it expand its merchant acquiring platform, update its payments strategy, and facilitate its move to the cloud. The bank further adds that this deal also “complements” its existing investments in Volkswagen’s payments business and European small and medium-sized enterprise (SME) paytech, Viva Wallet.
Speaking about the acquisition, JPMorgan’s global head of payments technology, Mike Blandina, iterates that Renovite’s cloud-native merchant acquiring capabilities is already enhancing the bank’s ability to serve customers. He is optimistic that the merchant-acquiring clients will now have access to more global payment options as a result of this merger.
Renovite has branches in the UK, and since last year, it has been providing its services to JP Morgan from its offices in the UK and India.
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