NEW YORK—J.P. Morgan has signed an agreement to acquire Renovite Technologies, Inc., a cloud-native payments technology company.
According to J.P. Morgan, the acquisition of Renovite will help its payments division 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.
Founded in 2015 and headquartered in Fremont, Calif., 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,” J.P. Morgan stated.
The Mission
“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 and 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.”
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