By John Meyer, financial consultant. Eurasia Business News, September 12, 2022
U.S. bank JPMorgan Chase & Co. buys California-based fintech startup Renovite Technologies Inc to strengthen its position in the electronic payments market.
According to the bank, the deal will allow it to create an advanced B2B platform for conducting transactions, as well as modernize existing payment technologies of JPMorgan.
Recently, JPMorgan has been actively buying up startups in the field of electronic payments. The head of the bank, Jamie Dimon, said earlier that such fintech companies could be one of the “most serious competitors threatening” banks.
In January 2022, JPMorgan bought a 49% stake in the Greek startup Viva Wallet, in March it acquired the Irish Global Shares, last year – the British Nutmeg.
“The acquisition of Renovite will help achieve our goal of developing a next-generation platform for processing transactions from around the world,” said Max Neukirchen, head of payments and commercial solutions at JPMorgan.
Renovite works in the U.S., the British and the Indian markets. The startup owns subsidiaries in the UK (Renovite Technologies Ltd) and in India (Renovite Payment Solutions Pvt. Ltd).
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At the end of the day, big banks will own the small potential fintechs. Just as big tech does to upcoming potentials.. Not saying its a bad thing