Continuing its acquisition spree, Capital One Financial Corporation, one of the largest retail banks in the US, has acquired Velocity Mobile Limited, a leading digital concierge company that delivers travel, entertainment, shopping, and dining offerings to consumers globally.
Brands and Business Magazine
Capital One has made 17 acquisitions and 72 investments and the company has spent over $ 520 million for the same. Capital One has invested in multiple sectors such as Horizontal E-Commerce, Cybersecurity, Online Travel and more.
Notable acquisitions by Capital One include Chevy Chase Bank, Lola, Paribas, BankOns, Bundle, Adaptive Path, KippsDeSanto and Triple Tree, all based in the US.
Capital One has also acquired Wikibuy, an Austin, Texas-based company whose automated digital shopping tool uses intelligent, real-time technology to help people save time and money when shopping online.
The expertise and tech from Wikibuy have been central in powering Capital One Shopping, a tool that matches premium retailers with consumer shoppers to drive meaningful engagements and considerable financial benefits for all.
Velocity Black has built a unique customer experience — its proprietary platform deploys cutting edge technology and human experts to offer inspiration, recommendation, and fulfilment in one place, making it an integral part of customers’ lives.
This acquisition brings together two companies focused on finding new ways to solve common consumer pain points. Velocity Black’s innovative technology will bolster Capital One’s delivery of exceptional experiences for consumers.
Committed to innovation
Matt Knise, Senior Vice President, Premium Products and Experiences at Capital One, said that Capital One and Velocity Black were committed to innovating on behalf of the customer, and both have raised the bar in their sectors.
“Velocity Black’s deep service expertise and unique tech platform complement Capital One’s focus on building experiences that meet the evolving needs of our customer,” Knise added.
Zia Yusuf, Co-Founder and CEO of Velocity Black, said that their culture of innovation to delight customers has been key to our rapid growth and they were excited to join forces with Capital One, who shares the same passion.
“Capital One is a unique company. Still founder-led, Capital One’s entrepreneurial spirit and customer-first, tech-led culture aligns beautifully with ours. Its decades of experience disrupting the status quo will be invaluable in further scaling the Velocity Black business. Together we will continue to pioneer best-in-class customer experiences for the digital age,” Yusuf added.
The acquisition of Velocity Black builds on Capital One’s history of partnering with industry innovators to create ground-breaking products.
Capital One partnered closely with Hopper to build Capital One Travel, a frictionless travel booking experience that delivers smart features not found anywhere else in the credit card industry.
Capital One has also collaborated with SevenRooms to develop Capital One Dining which unlocks special access to hard-to-get reservations at a collection of highly curated restaurants, along with exclusive culinary experiences for cardholders.
Velocity Black was founded in 2014 by Zia Yusuf and Alex Macdonald and ranked 32nd in the Financial Times Fastest Growing Companies list.
Wachtell, Lipton, Rosen & Katz and Macfarlanes LLP served as counsel to Capital One, and Morgan Stanley & Co. LLC served as financial advisor to Capital One. Latham & Watkins (London) LLP served as counsel to Velocity Black, and Lazard & Co., Limited served as financial advisor to Velocity Black.