Upon closing of the transaction, Renovite will become part of JP Morgan Payments, which combines corporate treasury services, trade finance, and the company’s merchant and card services capabilities.
“This acquisition will help us achieve our goal of developing a next-generation payment processing platform globally,” said Max Neukirchen, global head of payments and commerce solutions, JPMorgan.
The strategic acquisition of Renovite will help JP Morgan Payments build its merchant platform, and aid the company’s payments modernization strategy.
Viren Rana, CEO (CEO) and founder of Renovite, said: “Renovite’s mission is to provide a modern infrastructure in the cloud with state-of-the-art technology, agility, and in-depth knowledge of the payments landscape.
“We believe the planned transaction will help us realize our shared vision of delivering world-class payments capabilities globally through next-generation infrastructure to JPMorgan’s payments customers,” he added.
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Renovite is based in India and the United Kingdom and has provided services to JP Morgan since 2021.