J.P. Morgan inks deal with Renovite in payments move
J.P. Morgan has agreed to acquire fintech Renovite Technologies in a deal the New York bank says will bolster its payments modernization strategy, among other things.
Why it's the BFD: Financial details were not disclosed in the press release, and a J.P. Morgan spokeswoman declined to comment.
- But, beyond the dollars and cents, the deal is important in that it shows how the Wall Street giant, and its peers, are growing (both organically and inorganically) their fintech services and technology, at a time when upstart firms are pulling customers from traditional banks.
- The press release (which crossed at 1am EST) is datelined New York and Noida, India, where Renovite has a presence (it has a U.K. presence as well). Renovite is headquartered in Fremont, California.
Of note: "The strategic acquisition of Renovite will help J.P. Morgan Payments build its next-generation merchant acquiring platform, bolster the firm’s payments modernization strategy and support its journey to the cloud," the press release says.