- JPMorgan Chase has agreed to acquire a payments startup called Renovite to fend off threats from fintech firms including Stripe and Block, CNBC has learned.
- While JPMorgan is often content to partner with fintechs and take relatively small stakes in them, the bank felt that Renovite’s product was too important not to own outright, according to a JPMorgan executive.
- The acquisition, reported first by CNBC, is the latest in a string of recent fintech deals made under CEO Jamie Dimon. The bank has acquired at least five fintech startups since late 2020.
The bank, a major player in the global payments arena, said that acquiring Fremont, California based Renovite will speed up its ability to roll out new offerings to merchants.