Capital One acquires mobile price tracker Paribus
07 October 2016 | 9300 views | 0
Capital One is continuing its fintech shopping spree, buying online price tracker Paribus for an undisclosed fee.
Conceived in a Brooklyn apartment two years ago, Paribus now claims 700,000 user of its service, which alert subscribers to price reductions on recently-purchased products on the assumption that merchants will match the price in a post-sale enquiry.
The acquisition expands Capital one's portfolio of mobile products and smart startup buyouts. The US company in the past two years has acquired a raft of small firms bringing innovative technology to bear on the customer experience, including Bundle, BankOns, Adaptive Path, Level Money and Monsoon.
Paribus has raised $2 million in startup funding to date, and its twelve-person team will continue to operate independently from its New York base post-acqusition.
"Today, our infrastructure processes billions of dollars in annual purchases, our product saves people significant time and money, and our user base continues to scale rapidly," says Paribus co-founder and CEO Eric Glyman. "Within Capital One, we can supercharge these efforts."