JPMorgan buys Renovite to expand its business line of payments

The JPMorgan financial company has purchased Renovite Technologies, aiming at expanding its payments business. The company intends to get its portion of this profitable market, in which large financial companies meet an intense competition from fintech disruptors.

Renovite, which is situated in California and presented in India and Great Britain as well, offers cloud-based technologies for payments procession optimization with a variety of tools and products. There are about 140 workers in the company, with about 125 of them being engineers.

As it was said by Max Neukirchen, the JPMorgan’s Global Head of Payments & Commerce Solutions, the purchase of Renovite will allow the company to realize its intention to create a next-gen platform for payments processing globally.

At the beginning of this year, the company has announced its plans to spend more than $12 billion dollars on technological developments, with an emphasis on cloud-based technologies and relevant engineering methods, as well as on artificial intelligence technologies and machine learning for supporting JPMorgan’s digital offer.