Online shopping startup is purchased by major bank
The Austin, Texas-based startup Wikibuy that allows online shoppers to find the lowest prices and rebates when shopping has sold to Capital One bank for an undisclosed amount, according to a report from CNBC.
Wikibuy is just four years in the making but it already has some two million users for its comparison shopping tool. The platform is most often used to check prices on Amazon to make sure they are getting the best deal possible on the Internet.
“We’re constantly looking for things to solve the problem of the day in that end-to-end shopping experience,” Joseph Poellnitz of Capital One’s upmarket cards branch told CNBC. “Online shopping is of huge and growing importance to our customers, so we’ve invested a lot in that space.”
The deal comes just in time for Cyber Monday, the digital equivalent of Black Friday, when online shoppers are given big discounts at a range of stores.
For now, Wikibuy will remain as a stand-alone product before it fully merges with Capital One’s digital assets.
“Amazon is the bulk of purchases that we see online and definitely a dominant force,” Wikibuy co-CEO Adam Gauvin told the news network. “They’re certainly the price of record for most people, but there are often opportunities on other sites that want to be competitive.”