NEW YORK and NOIDA, INDIA, September 12, 2022 – JP Morgan (NYSE: JPM) today announces that it has entered into an agreement to acquire Renovite Technologies, Inc. (Renovite), a leading cloud native payment technology company.
The strategic acquisition of Renovite will help JP Morgan Payments build its next-generation merchant acquisition platform, strengthen the firm’s payments modernization strategy and support its journey to the cloud. Upon closing of the transaction, Renovite will become part of JP Morgan Payments, which combines the firm’s corporate treasury, trade finance, cards and merchant services capabilities, providing an integrated payments experience for customers across the economy. .
We are excited to acquire Renovite and accelerate our roadmap to help our customers stay on the cutting edge of payments innovation. This acquisition will help us achieve our goal of developing the next generation payment processing platform globally.
Max Neukirchen, Global Head of Payment and Trade Solutions, JP Morgan.
Founded in 2015 and headquartered in Fremont, California, Renovite focuses on cloud native technology. The company has built six proprietary, cloud-agnostic and token-agnostic payment products to help their customers optimize infrastructure, including switching, reconciliation, security, issuance, ATM and testing. Renovite also has a presence in India and the UK and has been providing services to JP Morgan since 2021.
“Renovite’s mission is to provide modernized cloud infrastructure with the latest technology, agility and deep knowledge of the payments landscape,” said Viren Rana, CEO and founder of Renovite. “We are very proud of the world-class payments team and technology we have built and are excited to be part of JP Morgan Payments. This business is the natural home for our people and technology. We believe the contemplated transaction will help us realize our shared vision to deliver world-class payments capabilities globally through next-generation infrastructure to JP Morgan Payments clients.”
“Renovite’s local dealer purchasing capabilities in the cloud are already helping us better serve our customers. As the Renovite platform integrates with JP Morgan Payments, merchant acquiring customers will be able to accept more payment methods around the globe to help grow their business,” said Mike Blandina, Global Head of Payments Technology. JP Morgan.
The acquisition of Renovite is further evidence of JP Morgan Payments’ commitment to global clients by continuing to provide resilience and optimized infrastructure. This acquisition complements the firm’s proposed strategic investment in Viva Wallet (subject to regulatory approvals) and strategic partnership with Volkswagen Financial Services AG.
Execution of the final transaction is subject to customary closing conditions.
About JP Morgan Corporate and Investment Banking
JP Morgan’s Corporate and Investment Bank is a global leader in banking services, markets and securities. The world’s most important corporations, governments and institutions entrust their business to us in more than 100 countries. With $29 trillion in assets under custody and $722 billion in deposits, the Corporate and Investment Bank provides strategic advice, raises capital, manages risk and expands liquidity in markets around the world. Further information about JP Morgan is available at www.jpmorgan.com.
About Renovite Technologies, Inc.
Renovite was founded with the mission to develop and deliver the next generation of consumer payment solutions for banks, processors and merchants. Renovite recognizes that the legacy payment infrastructure within many of the established payment providers is proving to be a costly and insurmountable barrier to providing innovative new payment options. Renovite has developed an ultra-modern suite of payment solutions that can be easily integrated within legacy environments or as new platform deployments. These solutions are born from decades of experience in managing and delivering complex payments projects worldwide through a continuous delivery model. Renovite is headquartered in Fremont, California with offices in the UK and India.