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)