Capital One Buys Digital Concierge Service Velocity Black
Capital One is expanding its travel services with the acquisition of Velocity Black, a digital concierge company with a proprietary platform that delivers travel, entertainment, shopping and dining offerings to consumers globally.
“Capital One and Velocity Black are committed to innovating on behalf of the customer, and both have raised the bar in their sectors,” said Matt Knise, Senior Vice President, Premium Products and Experiences at Capital One. “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.”
Velocity Black was founded in 2014. With the acquisition by Capital One, the company website promised its members “more investment in our product and service. You can expect new features, more benefits and the same passionate focus on helping you live an extraordinary life.”
Though Capital One did not disclose the terms of the deal, Velocity Black’s website says it is backed by $28 million in venture capital.
The acquisition of Velocity Black builds on Capital One’s efforts to partner with industry innovators. In November, the company invested an additional $96 million to extend its partnership with Hopper. The travel company powers the Capital One Travel platform and provides customers features such as price alerts, price drop protection and flight cancellation options.
Capital One recently acquired Wikibuy, an Austin, Texas-based company whose automated digital shopping tool used intelligent, real-time technology to help people save time and money when shopping online. The company also launched Capital One Dining by partnering with SevenRooms, to unlock special access to hard-to-get reservations at a collection of highly curated restaurants, along with exclusive culinary experiences for cardholders.