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JPMorgan Chase acquired Renovite payment fintech startup to rival Stripe and Block, and other fintech companies. The deal was also made to repel threats from its competitors.
JPMorgan Chase is one of the major firms in the global payments space arena and to further boost its business, it will buy Renovite which is headquartered in Fremont, California. This addition to the bank’s portfolio is expected to speed up its ability to launch new innovative offerings to its customers and merchants.
According to CNBC, Stripe and Block is catching up fast in the business even if JPMorgan is currently the biggest provider of merchant services, by transaction volume, in the world. In recent years, Stripe and Block have been continuously climbing in the rankings due to the boom in e-commerce sales and the upsurge of new payment options.
It was reported that JPMorgan’s acquiring revenue was actually postponed last year and in part, this was due to the fact that it has been falling behind some e-commerce segments and offering only fewer services compared to its fintech rivals. Takis Georgakopoulos, the company’s chief of global payments further told investors in May that the company has been lagging in this facet despite the fact it was able to process more than $9 trillion daily across its businesses.
This is why a change has to happen. Georgakopoulos vowed JPMorgan would invest in improving more. The acquisition of Renovite is one of the first steps to making the change happen. This purchase is also the latest deal under the leadership of chief executive officer Jamie Dimon.
“Renovite’s cloud-native merchant acquiring capabilities are already helping us better serve our clients,” JP Morgan Chase’s global head of payments technology, Mike Blandina, said in a press release. “As the Renovite platform integrates with J.P. Morgan Payments, merchant acquiring clients will be able to accept more methods of payments around the globe to help grow their business.”
Viren Rana, the founder and CEO of Renovite also said, “Renovite’s mission is to provide modernized infrastructure in the cloud with the latest technology, agility and in-depth knowledge of the payments landscape.”
He added, “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. We believe that the contemplated transaction will help us to realize our joint vision to deliver world-class payments capabilities globally through next-generation infrastructure for J.P. Morgan Payments clients.”
