JP Morgan plans to expand its payments business by purchasing Renovite

JPMorgan has clinched a deal to buy US firm Renovite Technologies to expand its payments processing business and win market share in a lucrative industry where big banks face tough competition from fintech disrupters.

Financial terms of the transaction were not disclosed.

California-based Renovite, which has a presence in both India and Britain, provides cloud-native technology to optimize payments processing through a wide range of products and has about 140 employees, of which roughly 125 are engineers.