Capital One is to shut down its Level Money budgeting app due to changing consumer finance needs and fierce competition in the market for personal financial software.
Capital One acquired Level Money for an undisclosed sum in early 2015 on the back of booming interest in the PFM market space.
In a blog post, the company says that it will pull the shutters down on the service on 1 September.
"When we started Level Money back in 2013, there weren’t many tools to help people manage their money. We saw an opportunity to fix that—reinventing the banking experience to make managing money easier and more intuitive," the company says. "While we’ve had successes over the years, we are encouraged by how much the financial industry has changed - there are now a plethora of tools available to help you manage your money."
The people behind the app say they will continue to work with Capital One on new tools more inline with current consumer demands.