Capital One buys budgeting app Level Money

Capital One buys budgeting app Level Money

US bank Capital One has bought money management app Level Money. Financial terms were not disclosed.

Launched in 2013, San Francisco-based Level Money provides an iOS and Android money meter app that automatically updates as users make purchases, letting them know what they can safely spend that day, week and month.

The company says that its app - which connects to around 70 banks - has been downloaded more than 700,000 times and that it has helped users manage more than $12 billion in transactions.

In a blog post, CEO Jake Fuentes says that Level One will continue as a standalone, free app and that the company's 11 employees are staying put.

Says Fuentes: "In retrospect, this next chapter is obvious: Capital One's story and capabilities are completely unique. Much younger and nimbler than any other top bank, Capital One is a founder-led company on a mission to transform the way banking is done."

Capital One has been making some left-field moves in recent months. In October it acquired design outfit Adaptive Path and has also brought in Google design whiz Dan Makowski as its first VP of design, with an initial focus on m-commerce and payments.

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