Since 2016, JPMorgan Chase has invested more than $1.5 billion in its payment operations to better compete.
JPMorgan Chase agreed Monday to buy Fremont payments fintech Renovite Technologies Inc. for an undisclosed sum.to strengthen its payment acceptance services for merchants as it goes up against powerful fintech rivals including Stripe and Block .
“We are excited to acquire Renovite and accelerate our roadmap for helping our clients stay at the cutting edge of payments innovation,” said Max Neukirchen, global head of payments and commerce solutions at J.P. Morgan. Banks, including JPMorgan Chase, have long seen fintechs as an important source of innovation, treating them as potential competitors, partners or acquisition targets.
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