J.P. Morgan has signed an agreement to acquire payments company Renovite.

California-based Renovite is focused on cloud-native technology. Since its inception in 2015, the company has built six proprietary cloud- and payment token-agnostic payments products to help its clients to optimise infrastructure including switch, reconciliation, security, issuing, ATM, and testing.

Renovite, which also has a presence in the UK and India, has supplied services to J.P. Morgan since 2021. The bank said that its acquisition of the company would help build its “next-generation” merchant acquiring platform and support its payments modernisation strategy and journey to the cloud.

Max Neukirchen, global head of payments & commerce solutions, J.P. Morgan, said: “We are excited to acquire Renovite and accelerate our roadmap for helping our clients stay at the cutting-edge of payments innovation.”

He continued: “This acquisition will help us achieve our goal to develop the next-generation payments processing platform globally.”

Commenting on the acquisition agreement, Viren Rana, chief executive and founder of Renovite, said: “We believe that the contemplated transaction will help us to realise our joint vision to deliver world-class payments capabilities globally through next-generation infrastructure for J.P. Morgan Payments clients.”

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