J.P. Morgan to Acquire Renovite Technologies, Inc.
NEW YORK & NOIDA, India--(BUSINESS WIRE)--Sep 12, 2022--
J.P. Morgan (NYSE: JPM) announces today that it has signed an agreement to acquire Renovite Technologies, Inc. (Renovite), a leading cloud-native payments technology company.
The strategic acquisition of Renovite will help J.P. Morgan Payments build its next-generation merchant acquiring platform, bolster the firm’s payments modernization strategy and support its journey to the cloud. Upon closing of the transaction, Renovite will become part of J.P. Morgan Payments, which combines corporate treasury services, trade finance, card and merchant services capabilities at the firm, delivering an integrated payments experience to clients across the economy.
“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,” said Max Neukirchen, Global Head of Payments & Commerce Solutions, J.P. Morgan.
Founded in 2015 and headquartered in Fremont, California, Renovite focuses on cloud-native technology. The company has built six proprietary, cloud-agnostic and payment token agnostic payments products to help their clients to optimize infrastructure, including switch, reconciliation, security, issuing, ATM and testing. Renovite also has a presence in India and the United Kingdom and has supplied services to J.P. Morgan since 2021.
“Renovite’s mission is to provide modernized infrastructure in the cloud with the latest technology, agility and in-depth knowledge of the payments landscape,” said Viren Rana, CEO & founder, Renovite. “We are very proud of the team and the world-class payment technology that we’ve built and are excited to be part of J.P. Morgan Payments. This business is the natural home for our people and technology. We believe that the contemplated transaction will help us to realize our joint vision to deliver world-class payments capabilities globally through next-generation infrastructure for J.P. Morgan Payments clients.”
“Renovite’s cloud-native merchant acquiring capabilities are already helping us better serve our clients. As the Renovite platform integrates with J.P. Morgan Payments, merchant acquiring clients will be able to accept more methods of payments around the globe to help grow their business,” said Mike Blandina, Global Head of Payments Technology, J.P. Morgan.
The acquisition of Renovite is further evidence of J.P. Morgan Payments’ commitment to global clients by continuing to deliver resiliency and optimized infrastructure. This acquisition complements the firm’s proposed strategic investment in Viva Wallet (subject to regulatory approvals) and the strategic partnership with Volkswagen Financial Services AG.
Final transaction execution is subject to customary closing conditions.
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and securities services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $29 trillion of assets under custody and $722 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at http://www.jpmorgan.com.
About Renovite Technologies, Inc.
Renovite was founded with the mission to develop and deliver the next generation of consumer payments solution for banks, processors, and merchants. Renovite recognizes that the aging payments infrastructure within many of the established payments providers is proving to be a costly and insurmountable barrier to the delivery of new innovative payments 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.
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CONTACT: Richard Hillary
Tel.: +44 (0) 20 7742 2309
Email:richard.hillary@jpmorgan.com
KEYWORD: NEW YORK UNITED STATES INDIA UNITED KINGDOM NORTH AMERICA ASIA PACIFIC EUROPE
INDUSTRY KEYWORD: FINANCE BANKING PAYMENTS PROFESSIONAL SERVICES TECHNOLOGY
SOURCE: JPMorgan Chase & Co.
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