JPMorgan Chase in New York has agreed to buy Renovite Technologies in Fremont, Calif.
The $3.8 trillion-asset company said in a press release Monday that Renovite, a cloud-native payments technology company, will help it build a next-generation merchant acquiring platform.
JPMorgan did not disclose the price it will pay.
Renovite, founded in 2015, will become part of J.P. Morgan Payments. The tech firm also has offices in India and the United Kingdom.
“Renovite’s … capabilities are already helping us better serve our clients,” Mike Blandina, global head of payments technology at JPMorgan, said in the 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,” Blandina added.