J.P. Morgan has signed an agreement to acquire payments technology company Renovite to bolster the firm’s payments modernisation strategy and support its journey to the cloud.
Upon closing of the transaction, Renovite will become part of J.P. Morgan Payments, which combines corporate treasury services, trade finance, card and merchant services capabilities at the firm.
The acquisition complements the firm’s proposed strategic investment in Viva Wallet and its strategic partnership with Volkswagen Financial Services AG.
Final transaction execution is subject to customary closing conditions.
Founded in 2015, Renovite has built six products to help clients optimize infrastructure, including switch, reconciliation, security, issuing, ATM and testing.
The company also has a presence in India and the United Kingdom, and has supplied services to J.P. Morgan since 2021.
“We are excited to acquire Renovite and accelerate our roadmap for helping our clients stay at the cutting-edge of payments innovation,”
said Max Neukirchen, Global Head of Payments & Commerce Solutions, J.P. Morgan.
“The contemplated transaction will help us to realise our joint vision to deliver world-class payments capabilities globally for J.P. Morgan Payments clients,”
said Viren Rana, CEO & Founder, Renovite.
This article first appeared on Fintech News America.