USAA Leads Funding Round for Automobile App Developer
Early developers of watch-banking apps have found there are unique complications to designing services for such tiny screens.
As it continues to build innovative features in its digital apps, such as its own virtual assistant and biometric authentication, USAA is trying to make a one-on-one connection with its members, says Christopher Cox, head of digital experience delivery for the San Antonio company.
BBVA and USAA are among a group of participants in a $75 million investment in the Bitcoin wallet provider Coinbase, an unusual move given the cool posture most financial institutions have taken toward virtual currency.
USAA is the lead investor in a venture-capital funding round for a developer of mobile applications for automobiles.
The $70 billion-asset company in San Antonio made an investment in Automatic Labs, which it said will use the proceeds to fund its sampling of apps and its development platform.
A group of at least 10 investors committed $24 million to the San Francisco company in this round of venture capital; the size of USAA's investment was not disclosed.
"Automatic is breathing new life into car ownership by connecting any car on the road today to a world of apps that help with everything from sending emergency assistance after a crash to easily filing expense reports," Victor Pascucci, USAA's head of corporate development, said in a news release.
The investor group also included CDK Global in Hoffman Estates, Ill., which specializes in tech and digital marketing for the automobile industry; Comcast Ventures in San Francisco; tech incubator Y Combinator in Mountain View, Calif.; and individuals Mark Goines and Jared Kopf.