Capital One has acquired the San Francisco based startup which developed the money management app Level Money. Since its inception in October 2013, the app has been downloaded over 700,000 times. Level Money has helped users manage over $12 billion in transactions. The app has helped people make smarter spending decisions, simplify their financial life, get out of debt and reduce financial stress.
The Level Money acquisition reinforces Capital One’s commitment to digital banking technologies, capabilities and talent, and comes on the heels of the recent acquisitions of UX consulting firm Adaptive Path, e-commerce platform AmeriCommerce and digital marketing agency Pushpoint. Capital One has also acquired a couple of money management startups in the past such as Bundle and BankOns.
The Level Money app connects to around 2500 US banks and helps users manage money in various accounts and track spending. The app specifically targets millennials, offering an easy-to-read interface along with data visualizations, which provide a clear picture of users’ cash management scenarios. Available on both the Android and iOS platforms, the app helps users set savings goals and get suggestions on what to do with the extra savings.
Post the acquisition, the Level Money app continues as a stand-alone application and will continue to evolve and grow. Powered by the resources and deep expertise within Capital One, the team behind Level Money is poised to deliver the next generation of money management experiences, making it unparalleled within the industry. Level Money and Capital One, together, are committed to creating the future of banking.
It’s high time that there is a transformation in our banking experiences. A delightful experience with your financial institution should be the ideal scenario. Banks should be walking alongside their customers, clearing a path so that their customers can feel empowered without worrying about money. Capital One is one such bank that is portraying the same ideology for its future banking services.