Capital One has gobbled up another fintech company in a move it claims will provide customers more ways to manage their finances and purchasing decisions.
The McLean, Va., company announced Tuesday that it had acquired Wikibuy, a startup that enables consumers to find real-time price comparisons across multiple retail websites, and then apply coupon codes at checkout. Terms of the deal were not disclosed.
Some 2 million consumers use Wikibuy, which the company said is popular among shoppers who frequently buy on Amazon to ensure they’re getting the best prices from the e-commerce giant.
“This is another good example of banks introducing ancillary products and services that help their customers with purchasing decisions farther upstream in the transaction process,” said Kevin Morrison, a senior analyst for retail banking and payments at Aite Group.
The acquisition comes two years after Capital One bought Paribus, a New York company that helps digital shoppers get price adjustments after a purchase. In recent years, Capital One also has acquired the digital design firm Adaptive Path, the personal financial management provider Level Money and BankOns, a mobile startup.
"We believe that the future of banking is in providing intelligent, real-time banking tools that proactively anticipate and deliver on what consumers need," Joe Poellnitz, senior vice president of U.S. card at Capital One, said in a press release.
"With Wikibuy, we've acquired an innovative startup that fits squarely within this objective. Together we can give our customers tools to help them save time, money, and the ability to shop with confidence."
Capital One did not specify how it will integrate with Wikibuy. The bank did not reply to a request for comment about the deal.
However, Wikibuy did provide a glimpse of what might be to come in a company
“Wikibuy will be able to leverage the power of Capital One’s platform to expand our offering and provide new innovative products that will help our users save even more time, and more money,” the company wrote.
Wikibuy said it will continue to operate out of its Austin, Texas, headquarters.
