Capital One acquires digital concierge, Velocity Black

Capital One is increasing its journey providers with the acquisition of Velocity Black, a digital concierge firm with a proprietary platform that delivers journey, leisure, procuring and eating choices to customers globally.

Velocity Black’s expertise will bolster Capital One’s supply of experiences for customers, mentioned Matt Knise, senior vp of premium merchandise and experiences at Capital One.

“Capital One and Velocity Black are dedicated to innovating on behalf of the client, and each have raised the bar of their sectors,” Knise mentioned. “Velocity Black’s deep service experience and distinctive tech platform complement Capital One’s deal with constructing experiences that meet the evolving wants of our buyer.”

Velocity Black was based in 2014.

With the acquisition by Capital One, the corporate web site promised its members “extra funding in our product and repair. You’ll be able to count on new options, extra advantages and the identical passionate deal with serving to you reside a rare life.”

“Our tradition of innovation to thrill clients has been key to our speedy development,” mentioned co-founder and CEO Zia Yusuf. “We’re excited to affix forces with Capital One, who shares this ardour. … Collectively we are going to proceed to pioneer best-in-class buyer experiences for the digital age.”

The acquisition of Velocity Black builds on Capital One’s efforts to companion with business innovators. In November, the corporate invested an extra $96 million to extend its partnership with Hopper. The journey firm powers the Capital One Journey platform and supplies clients options equivalent to worth alerts, worth drop safety and flight cancellation choices.

Within the final couple of years a number of financial institutions have launched or expanded their travel offerings. In Could Capital One competitor JPMorgan Chase, which launched Chase Journey final yr, mentioned it sees an “outsized alternative for development” by enhancing its journey providing with extra life-style merchandise focused at prosperous clients.