JP Morgan has struck a deal to buy cloud-native payments technology firm Renovite Technologies. Financial terms were not disclosed.
Renovite will become part of JP Morgan Payments, which combines the bank's corporate treasury services, trade finance, card and merchant services.
Founded in 2015, California-based Renovite has built six proprietary, cloud-agnostic and payment token-agnostic payments products to help its clients to optimise infrastructure, including switch, reconciliation, security, issuing, ATM and testing.
The firm has worked with JP Morgan since last year and will now help the Wall Street giant build its next-generation merchant acquiring platform, bolster the its payments modernisation strategy and support its journey to the cloud.
"We are excited to acquire Renovite and accelerate our roadmap for helping our clients stay at the cutting-edge of payments innovation. This acquisition will help us achieve our goal to develop the next-generation payments processing platform globally," says Max Neukirchen, global head, payments and commerce solutions, JP Morgan.
Finextra has recently launched the inaugural Financial Cloud Summit, scheduled to take place on 2 March 2023. For more information and to register for this event, please visit the event page here.