Bankrate, Inc. (NYSE: RATE) announced the acquisition of Wallaby Financial, Inc., the leader in mobile and web-based credit card optimization solutions for consumers. Financial terms were not disclosed.
Wallaby's Web, iPhone, Android, and wearable solutions work alongside its proprietary algorithms and, based on geo-location and consumer preferences, help consumers maximize the rewards they earn with each credit card purchase. Through Wallaby, consumers can also sign up for new cards that are closely aligned with their purchase habits. Wallaby's proprietary CardBase™ database includes more than 2,400 credit cards offered by over 500 financial institutions and is the ideal companion for every digital wallet solution.
Bankrate will combine Wallaby's product family and proprietary technology with its existing credit card distribution platform. This includes CreditCards.com, the leading online credit card marketplace. Last year, more than 35 million consumers used CreditCards.com's sites to find the right card.
"Wallaby's mobile and data-driven approach is the future of financial services marketing," said Kenneth S. Esterow, president and CEO of Bankrate, Inc. "Adding Wallaby's capabilities to our industry-leading content is an important first step in establishing ongoing customer relationships with our audience across Bankrate, Inc. Since we partnered with Wallaby earlier this year, tests with their products have demonstrated substantial increases in conversion rates in our profitable and growing credit card channel."
Matthew Goldman, founder and CEO of Wallaby, added, "We're thrilled to join Bankrate. Their massive consumer audience, leading distribution partnerships, and financial resources will allow Wallaby to help millions of Americans acquire and use the right financial products."
Founded in 2012, Wallaby has built a loyal customer base of more than 100,000 users for whom it has optimized more than eleven million credit card transactions and recommended more than $20 million in consumer savings. Wallaby's mobile app was named a Top 15 Best Financial App by Money Magazine in 2013.