JPMorgan (JPM) fintech deal to acquire Renovite to battle Stripe and Block

on Sep12
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The main entrance at JPMorgan’s headquarters in New York City.

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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.

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.

While JPMorgan is the world’s biggest provider of merchant services by transaction volume, fast-growing upstarts including Stripe and Block have climbed the rankings in recent years, thanks to booming e-commerce sales and the proliferation of new payment methods. Merchant acquirers are crucial, behind-the-scenes providers that enable sellers to accept in-person and online payments, keeping a small cut of each transaction.

Despite operating a payments juggernaut that processes more than $9 trillion daily across several businesses, JPMorgan’s merchant acquiring revenue stalled last year in part because it was behind in some e-commerce segments and offered fewer services than some fintech rivals, global payments chief Takis Georgakopoulos told investors in a May conference.

“Changing that picture is a big story behind our investments,” Georgakopoulos vowed.

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