JPMorgan acquires fintech Renovite to help it combat Stripe and Block

JPMorgan Chase & Co has agreed to acquire payments of a start-up called Renovite in order to stave off threats from fintech firms including Stripe and Block, CNBC has learned on Monday.

The acquisition will help Renovite speeding up its ability to roll out new offerings for merchants, according to JPMorgan bank the major player in the global payment’s field.

Renovate platform allows JPMorgan to add new payment options in no time because it requires much less coding, the bank’s head of payments technology Mike Blandina, said.

Renovate’s acquisition considers the latest in a series of fintech deals that have taken place under the supervision of the bank’s CEO, Jamie Dimon, in a drive to develop electronic payments services.