US JPMorgan Chase has agreed to acquire a payments startup Renovite, Inc. Russia reports, citing CNBC.

The representative of the bank said that it will speed up its ability to roll out new offerings to merchants. The details of the deal are not unveiled. “The acquisition of Renovite will help achieve our goal of developing a next-generation platform for processing transactions from around the world,” the bank’s official said.

CNBC notes that the likely reason for the acquisition was the growing popularity of e-payment services like Stripe and Block. JPMorgan is one of the world’s biggest provider of merchant services by transaction volume but its merchant acquiring revenue stalled last year, global payments chief Takis Georgakopoulos said in May.

Mike Blandina, the bank’s global head of payments technology, said that JPMorgan ran trials with Renovite as a vendor last fall, but was impressed enough with the startup’s products that it decided to acquire the company outright. Blandina noted that the plug-and-play nature of the switch platform allows JPMorgan to add new payments options in a fraction of the time it used to take because it requires far less coding.

The Renovite, founded in 2014, is not the first acquisition of JPMorgan. Since late 2020, JPMorgan has acquired at least five startups, from an ESG investing platform to a UK-based roboadvisor, on top of making a series of smaller fintech investments.



In early 2021 JPMorgan CEO Jamie Dimon has repeatedly raised the alarm about the threat fintech players pose to traditional banks, especially in the highly competitive payments game.

The bank’s CEO voiced opinion that competition in the payments market would be especially fierce. He said JPMorgan was considering acquisitions and was “open” to deals with players in the payments industry.

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