In a field frequently disrupted by upstart startups, JPMorgan Chase has maintained its market dominance in the world of financial technology. Its payments divisions across several departments and subsidiaries are responsible for processing over $9 trillion altogether every single day, a number that few fintechs can hope to match.
But that doesn’t mean the financial titan is content to rest on its laurels. In a trend that began in late 2020 and some industry voices have called a “spending spree,” JPMorgan Chase recently announced another major acquisition, this time of payments startup Renovite.
“The strategic acquisition of Renovite will help J.P. Morgan Payments build its next-generation merchant acquiring platform, bolster the firm’s payments modernization strategy, and support its journey to the cloud,” the company said in an official statement on the acquisition. The announcement went on to explain that the new subsidiary would add its cloud-native payments technology to the company’s ability to deliver “an integrated payments experience to clients across the economy.”
By all accounts, JPMorgan is following the advice of its Chief Executive Officer, Jamie Dimon, who has long been a voice of caution for traditional financial institutions about the danger posed by fintechs.