Renovite Technologies is partnering with JPMorgan Chase to fend off threats from fintech companies including Stripe and Block.
The strategic acquisition of Renovite Technologies will help financial holding JPMorgan Chase build a next-generation merchant acquiring platform, support the company’s payments modernization strategy and move to the cloud. Payments fintech will be integrated into a subsidiary of JPMorgan Payments, which integrates the company’s corporate treasury services, trade finance, card services and merchant services, providing customers with an integrated payments experience across the economy.
The strategic acquisition of Renovite will help JP Morgan Payments build our next generation merchant acquiring platform.
— JP Morgan (@jpmorgan) September 12, 2022
Max Neukirchen, Head of Global Payments & 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 payment innovation. This acquisition will help us achieve our goal of developing the next generation payment processing platform worldwide.
Renovite Technologies to optimize payment processing at JPMorgan Chase
Renovite Technologies, based in Fremont, California, specializes in cloud computing. The US-based company has developed six cloud- and token-agnostic proprietary payment products to help its customers streamline infrastructure, including switching, matching, security, issuance, ATMs, and testing.
Viren Rana, CEO and founder of Renovite Technologies, added:
Our mission is to provide a modernized cloud infrastructure with the latest technology, flexibility and deep knowledge of the payment landscape. We are very proud of our team and the world class payments technology we have built and are proud to be part of JPMorgan Payments. This company is the natural home for our people and our technology. We believe the proposed transaction will help us achieve our shared vision of delivering world-class payment experiences around the world through next-generation infrastructure for JPMorgan Payments customers.