01.06.2023
NEWS PROVIDED BY CAPITAL ONE


Capital One Acquires Digital Concierge, Velocity Black


Capital One invests in concierge for the digital age

McLean, Va., June 1, 2023 — Capital One Financial Corporation (“Capital One”) has acquired Velocity Mobile Limited (“Velocity Black”), a leading digital concierge company that delivers travel, entertainment, shopping and dining offerings to consumers globally.  Velocity Black has built a unique customer experience — its proprietary platform deploys cutting edge technology and human experts to offer inspiration, recommendation and fulfillment in one place, making it an integral part of customers’ lives.

This acquisition brings together two companies focused on finding new ways to solve common consumer pain points. Velocity Black’s innovative technology will bolster Capital One’s delivery of exceptional experiences for consumers.

“Capital One and Velocity Black are committed to innovating on behalf of the customer, and both have raised the bar in their sectors,” said Matt Knise, Senior Vice President, Premium Products and Experiences at Capital One. “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.”

“Our culture of innovation to delight customers has been key to our rapid growth. We are excited to join forces with Capital One, who shares this passion,” said Zia Yusuf, Co-Founder and CEO of Velocity Black. “Capital One is a unique company. Still founder-led, Capital One’s entrepreneurial spirit and customer-first, tech-led culture align beautifully with ours. Its decades of experience disrupting the status quo will be invaluable in further scaling the Velocity Black business. 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 history of partnering with industry innovators to create groundbreaking products:

  • Capital One partnered closely with Hopper to build Capital One Travel, a frictionless travel booking experience that delivers smart features not found anywhere else in the credit card industry.
  • Capital One acquired Wikibuy, an Austin, Texas-based company whose automated digital shopping tool used intelligent, real-time technology to help people save time and money when shopping online. The expertise and tech from Wikibuy has been central in powering Capital One Shopping, a tool that matches premium retailers with consumer shoppers to drive meaningful engagements and considerable financial benefits for all.
  • Capital One collaborated with SevenRooms to develop Capital One Dining which unlocks special access to hard-to-get reservations at a collection of highly curated restaurants, along with exclusive culinary experiences for cardholders.

Velocity Black was founded in 2014 by Zia Yusuf and Alex Macdonald, and ranked 32nd in the Financial Times Fastest Growing Companies list. To learn more about Velocity Black, visit https://velocity.black/.

Wachtell, Lipton, Rosen & Katz and Macfarlanes LLP served as counsel to Capital One, and Morgan Stanley & Co. LLC served as financial advisor to Capital One. Latham & Watkins (London) LLP served as counsel to Velocity Black, and Lazard & Co., Limited served as financial advisor to Velocity Black.

Forward-Looking Statements
Certain statements in this communication may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors. For additional information on factors that could materially influence forward-looking statements included in this communication, see the risk factors set forth under “Part I—Item 1A. Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.