Renovite Technologies partners with JPMorgan Chase to fend off threats from fintech companies including Stripe and Block.
The strategic acquisition of Renovite Technologies will help the financial holding JPMorgan Chase build its next-generation merchant acquiring platform, support the company’s payments modernization strategy, and support its move to the cloud. The payments fintech will be integrated into subsidiary JPMorgan Payments, which combines the company’s corporate treasury services, trade finance, card services and merchant services, delivering an integrated payments experience to customers at through the economy.
The strategic acquisition of Renovite will help J.P. Morgan Payments build our next-generation merchant acquiring platform.
— J.P. Morgan (@jpmorgan) September 12, 2022
Max Neukirchen, Global Head of Payments and Commerce Solutions at JPMorgan Chase, said:
We are excited to acquire Renovite Technologies and accelerate our roadmap to help our customers stay at the forefront of payments innovation. This acquisition will help us achieve our goal of developing the next generation payment processing platform globally.
Renovite Technologies to Optimize Payment Processing at JPMorgan Chase
Based in Fremont, California, Renovite Technologies focuses on cloud-native technology. The US-based company has developed six proprietary, cloud- and token-agnostic payment products to help their customers optimize infrastructure, including switch, reconciliation, security, issuance, ATM and tests.
Viren Rana, CEO and Founder of Renovite Technologies, added:
Our mission is to deliver a modernized cloud infrastructure with the latest technology, agility and in-depth knowledge of the payments landscape. We are very proud of our team and the world class payment technology we have built and are delighted to be part of JPMorgan Payments. This company is the natural home for our people and our technology. We believe the contemplated transaction will help us achieve our shared vision of delivering world-class payments capabilities globally through next-generation infrastructure for JPMorgan Payments customers.