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    Home » JPMorgan to boost payments business with Renovite purchase
    Banking

    JPMorgan to boost payments business with Renovite purchase

    Renovite is a California based fintech with presence in both India and Britain, providing cloud-native technology to optimise payments processing through a wide range of products and about 140 employees, of which roughly 125 are engineers. 
    September 12, 20221 Min ReadBy Bfsinxt Desk
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    JPMorgan in its bid to expand its payment processing business has clinched a deal to buy US firm Renovite Technologies to expand its payments processing business and win market share in a lucrative industry where big bangs face tough competition from fintechs, as per a Reuters report.

    The details and terms of the transactions were not disclosed.

    Renovite is a California based fintech with presence in both India and Britain, providing cloud-native technology to optimise payments processing through a wide range of products and about 140 employees, of which roughly 125 are engineers.

    “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 at JPMorgan.

    Renovite’s founder and chief executive Viren Rana called JPMorgan’s payments division a “natural home” for the company’s people and technology.

    The deal will give JPMorgan a broader and more efficient payments platform that will offer clients processing credit and debit card transactions around the world more methods of payments.

    (Inputs from Reuters)

    JPMorgan Renovite
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