Weeks after asserting it was ceasing operations and touting “new issues to come back,” company journey administration startup Lola has revealed particulars of that subsequent section: the corporate will turn out to be a part of Capital One.
The bank card large has acquired Lola for an undisclosed sum in a deal that features the corporate’s workforce and software program platform, in accordance with a report by The Boston Globe.
In a discover posted on Lola’s web site Friday, firm CEO Mike Volpe and CTO Paul English indicated Lola’s crew and know-how can be utilized towards enhancing Capital One’s business-to-business funds choices.
“Our expertise and keenness for B2B funds will be part of an current crew at Capital One centered on delivering revolutionary digital options to companies,” the discover learn, occurring to quote “fintech innovation” and “remodel[ing] the enterprise funds trade” as targets shifting ahead.
Whereas these feedback trace that Capital One was primarily in Lola’s funds capabilities—which the corporate rolled out final yr in a bid to diversify amid the shutdown of company journey amid the Covid-19 pandemic—Lola’s journey choices additionally might have been enticing for the bank card supplier.
Such was the case for American Specific, which in 2018 acquired synthetic intelligence-based journey assistant know-how supplier Mezi to energy its AskAmex journey concierge service for cardholders.
Like that deal, Capital One’s acquisition of Lola removes a once-buzzworthy company journey supplier from the sector. Launched in 2016 by Kayak co-founder English, Lola made a splash two years later, inking an unique partnership with American Specific International Enterprise Journey. (The partnership was dissolved and all Lola customers had been transitioned to Amex GBT’s Neo1 journey administration platform after Lola shuttered operations final month, in accordance with GBT.)
The Lola deal marks the second time Capital One has plucked an organization from the company journey sector, following its 2020 acquisition of flight disruption administration and rebooking know-how supplier Freebird and subsequent shutdown of Freebird’s standalone product.