JPMorgan has struck a deal to buy US firm Renovite Technologies to expand its payments processing business and gain market share in a lucrative industry where big banks face stiff competition from fintech disruptors. The financial terms of the deal were not disclosed.

California-based Renovite, with operations in India and the UK, provides cloud-native technology, optimizes payment processing through various products, and employs around 140 people, including around 125 engineers.

Renovite founder and CEO Viren Rana called JPMorgan’s payments division a “natural home” for the company’s people and technology.

The deal will provide JPMorgan with a broader and more efficient payment platform, providing more payment options for customers processing credit and debit card transactions worldwide.

It will also help it compete with fintech challengers at the forefront of digital payments technology, such as Stripe and Adyen.

JPMorgan said in January it would spend more than $12 billion on technology by 2022, betting on cloud computing and modern engineering practices as well as artificial intelligence and machine learning to support its digital offerings.

Earlier this year, it acquired a 49% stake in Athens-based payments fintech Viva Wallet and bought a majority stake in the payments business of German auto giant Volkswagen ahead of the planned launch. In-vehicle technology that allows drivers to pay for fuel or tolls automatically.

The Wall Street bank has been on an acquisition spree over the past 18 months, closing around 30 deals last year, including acquisitions of British digital wealth manager Nutmeg and US ESG metrics provider OpenInvest.