JPMorgan Chase will acquire fintech startup Renovite to strengthen its hand in the fight against Block and Stripe.
This move by JPMorgan Chase comes in the payment initiative space.
Renovite Investment Move from JPMorgan
JPMorgan will acquire payment methods startup Renovite to be stronger in its battle with Stripe and Block. Known for Twitter founder Jack Dorsey, Block has stepped up his business lately. The company, which develops and expands both its investment and services, also competes with Stripe in this area. These two companies are important competitors in line with JPMorgan’s plans.
A key player in the global payments arena, JPMorgan says that acquiring Fremont California-based Renovit will accelerate its ability to offer new offerings to its investors. While JPMorgan is the world’s largest provider of investor services by transaction volume, fast-growing startups including Stripe and Block have climbed the ranks in recent years, thanks to booming e-commerce sales and the proliferation of new payment methods.
This investment is the latest in fintech deals under CEO Jamie Dimon. It is worth noting that the Bank has acquired at least five fintech startups since late 2020.
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