To grow its payments processing business and take market share in a lucrative sector where large banks face fierce competition from fintech disruptors, JPMorgan has agreed to purchase Renovite Technologies in the United States.
The transaction’s financial details weren’t made public.
Renovite is a California-based company with operations in both India and the United Kingdom. It employs about 140 people, 125 of whom are engineers, and offers a variety of products that utilize cloud-native technology to streamline payment processing.
The merger will provide JPMorgan access to a larger, more effective payment platform, increasing the number of payment options available to its clients who handle credit and debit card transactions globally.
Additionally, it will help it compete with fintech upstarts like Stripe and Adyen, who are at the cutting edge of electronic payment technology.
JPMorgan announced in January that it would invest more than $12 billion in technology in 2022, putting its money on cloud computing, cutting-edge engineering techniques, AI, and machine learning to improve its digital offering.
Its acquisition of Renovite comes after earlier this year’s purchases of a 49% stake in the Athens-based payments fintech Viva Wallet and a majority stake in the payments division of German automaker Volkswagen, both in preparation for the rollout of in-car technology that will enable drivers to automatically pay for tolls and fuel.
Last year, the Wall Street bank completed 30 mergers, including the acquisition of British digital wealth manager Nutmeg and American provider of ESG metrics OpenInvest.
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