JPMorgan acquires cloud-based payments technology company to stay at the forefront of payments innovation

Max Neukirchen, global head of payments and commerce solutions at JPMorgan, welcomed the acquisition.

“We are excited to acquire Renovite 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 of payment processing platform globally. »

Payments Modernization

This strategic acquisition should allow the American bank to develop its next-generation merchant acquisition platform, help it in its transition to the cloud and strengthen its payments modernization strategy.

Viren Rana, CEO and Founder of Renovite, underlined the importance of this strategic merger.

“We are very proud of our team and the world-class payment technology we have built and are delighted to be part of JP Morgan Payments. This company is the natural home of 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 JP Morgan Payments customers. »

Global Customers

JPMorgan is taking a serious approach to serving its global customers with this acquisition, as it is expected to strengthen the bank’s resilience and help optimize its infrastructure. Furthermore, this new acquisition is in line with its previous investment in Viva Wallet and its strategic partnership with Volkswagen Financial Services AG.

Finally, the transaction is subject to customary closing conditions, with additional regulatory approval pending for further JPM acquisitions and partnerships.

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