Until now, Renovite has had a presence in India and the UK, while it has been supplying services to JPMorgan since 2021. So far, the financial terms of the deal have not been disclosed. Max Neukirchen, Global Head of Payments & Commerce Solutions, JPMorgan, lauded the acquisition.
Payment modernization
This strategic acquisition should help the US bank build out its next-generation merchant acquiring platform, assist the firm with its cloud transition as well as boost its payment modernization strategy. Viren Rana, CEO, and founder of Renovite highlighted the importance of the strategic tie-up.
Global clients
JPMorgan is taking a serious approach to serving its global clients with this acquisition, as it should bolster the bank’s resiliency and help optimize its infrastructure. Additionally, this new acquisition lines up nicely with their earlier investment in Viva Wallet and their strategic partnership with Volkswagen Financial Services AG. Finally, the transaction is subject to customary closing conditions, with additional regulatory approval queued up for other JPM acquisitions and partnerships. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
