Capital One acquires digital concierge, Velocity Black

Capital One is expanding its travel services with the acquisition of Velocity Black, a digital concierge company with a proprietary platform that delivers travel, entertainment, shopping and dining offerings to consumers globally.

Velocity Black’s technology will bolster Capital One's delivery of experiences for consumers, said Matt Knise, senior vice president of premium products and experiences at Capital One.

“Capital One and Velocity Black are committed to innovating on behalf of the customer, and both have raised the bar in their sectors,” Knise said. “Velocity Black’s deep service expertise and unique tech platform complement Capital One’s focus on building experiences that meet the evolving needs of our customer.”

Velocity Black was founded in 2014.

With the acquisition by Capital One, the company website promised its members “more investment in our product and service. You can expect new features, more benefits and the same passionate focus on helping you live an extraordinary life.”

“Our culture of innovation to delight customers has been key to our rapid growth,” said co-founder and CEO Zia Yusuf. “We are excited to join forces with Capital One, who shares this passion. … Together we will continue to pioneer best-in-class customer experiences for the digital age.”

The acquisition of Velocity Black builds on Capital One’s efforts to partner with industry innovators. In November, the company invested an additional $96 million to extend its partnership with Hopper. The travel company powers the Capital One Travel platform and provides customers features such as price alerts, price drop protection and flight cancellation options.

In the last couple of years several financial institutions have launched or expanded their travel offerings. In May Capital One competitor JPMorgan Chase, which launched Chase Travel last year, said it sees an “outsized opportunity for growth” by enhancing its travel offering with more lifestyle products targeted at affluent customers.