JP Morgan Acquires Renovite Technologies, Inc.

New York and Noida, India–(business wire)–JP Morgan (NYSE: JPM) today announced that it has entered into an agreement to acquire Renovite Technologies, Inc. (Renovite), a leading cloud-native payments technology company.

The strategic acquisition of Renovite will help JP Morgan Payments build a next-generation merchant acquisition platform, strengthen the company’s payments modernization strategy and support its move to the cloud. Upon completion of the transaction, Renovite will become part of JP Morgan Payments, combining the company’s corporate treasury services, trade finance, cards and merchant services capabilities to deliver an integrated payment experience for clients across the economy.

“We are pleased to acquire Renovite and accelerate our roadmap to help our clients stay on the cutting edge of payments innovation. helps us achieve.”

Founded in 2015 and headquartered in Fremont, California, Renovite is focused on cloud-native technologies. The company built six unique, cloud-agnostic, payment-token-agnostic payment products to help clients optimize their infrastructure for switches, reconciliation, security, issuance, ATMs, testing, and more. Did. Renovite has also expanded into India and the UK, and from 2021 he will serve JP Morgan.

Viren Rana, CEO and Founder of Renovite, said: “We are extremely proud of our team and the world-class payments technology we have built, and are delighted to be part of JP Morgan Payments. It’s a natural home, and we are confident that the pending transaction will help deliver on our joint vision of providing world-class payment capabilities globally through our next-generation infrastructure for JPMorgan Payments clients.”

“Renovite’s cloud-native merchant acquisition capabilities are already helping us better serve our clients. and be able to help grow your business.”

The acquisition of Renovite is further evidence of JP Morgan Payments’ commitment to its global clients by continuing to deliver resiliency and optimized infrastructure. The acquisition complements the company’s proposed strategic investment in Viva Wallet (subject to regulatory approval) and a strategic partnership with Volkswagen Financial Services AG.

Final transaction execution is subject to normal closing conditions.

About JP Morgan’s Corporate & Investment Bank

JP Morgan’s Corporate & Investment Bank is a global leader in banking, markets and securities services. The world’s most important companies, governments and institutions entrust their business to us in over 100 countries. With $29 trillion in assets and $722 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and expands liquidity in markets around the world. For more information about JP Morgan, please visit http://www.jpmorgan.com.

About Renovite Technologies

Renovite was founded with a mission to develop and deliver next generation consumer payment solutions for banks, processors and merchants. Renovite recognizes that aging payment infrastructure within many established payment providers is proving to be a costly and insurmountable barrier to offering new and innovative payment options. . Renovite has developed a suite of ultra-modern payment solutions that can be easily integrated within traditional environments or as new platform deployments. These solutions are born from decades of experience managing and delivering complex payment projects around the world through a continuous delivery model. Renovite is headquartered in Fremont, CA with offices in the UK and India.