JPMorgan Chase buys cloud payments company Renovite Technologies

JPMorgan Chase & Co. said Monday it's paying an undisclosed sum to acquire Renovite Technologies Inc., a privately-held cloud payments technology company based in Fremont, Calif. and founded in 2015. Renovite Technologies has been a service provider to JPMorgan since 2021. Max Neukirchen, global head of payments and Commerce Solutions at JPMorgan, said Renovite Technologies "will help us achieve our goal to develop the next-generation payments processing platform globally." Shares of JPMorgan Chase are down 24.7% in 2022, compared to a 11.5% drop by the Dow Jones Industrial Average .

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