Originally posted on TechCrunch:
Capital One has acquired San Francisco-based money management app, Level Money, the companies are announcing this morning. The app, which is focused on allowing consumers to keep track of their spendable cash and savings, had 700,000 users at the time of the acquisition, and has helped its customers manage over $12 billion in transactions. The startup will now continue on as a part of Capital One, but will remain a standalone application. The Level Money team of 11 will also stay together, including co-founder and CEO Jake Fuentes.
Terms of the deal were not disclosed.
The startup had raised $5 million in Series A funding led by Kleiner Perkins Caufield & Byers.
Level Money was founded in 2012, and released its application in fall 2013. The app connects to some 70 U.S. banks, but doesn't hold money itself - its purpose is to help users better control their money housed in...
