Capital One Acquires PFM Provider Level Money
Capital One has acquired Adaptive Path, a well-respected web design firm, underscoring the bank's tech ambitions and the increasing importance of digital user experience in financial services.
Taking their cues from popular consumer brands and digital upstarts, financial institutions are modernizing their websites, ATMs, and mobile apps in hopes of creating a better digital banking experience and, ultimately, attracting and retaining more customers.
Capital One has snatched a designer from Google's touted advanced technology and projects team to help boost the bank's mobile commerce and payments technology development.
Capital One acquired Level Money, a startup with a budgeting app for consumers, on Monday. The acquisition was first reported by TechCrunch.
Level Money, of San Francisco, has approximately 700,000 users and claims to have helped users manage a total of $12 billion during its brief existence. Terms of the deal were not disclosed.
The startup was founded in 2012 and released its eponymous app in the fall of 2013. The app is available for both Android and iOS and currently connects to 2,500 U.S. banks. Rather than rolling the company's app into its own mobile offerings, Capital One says it will keep the app available on a standalone basis.
Capital One has made a string of tech talent acquisitions recently, including buying a web design and consulting firm in October and hiring a designer away from Google to take on a leadership post this past summer.