Capital One Elbows In on Amex With Deal for Concierge Firm (1)

<-bsp-bb-link state="{"bbHref":"bbg://securities/COF%20US%20Equity/CACS%2021","_id":"00000188-77ec-d4e2-a1cb-77fc7c390000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Capital One Financial Corp. agreed to buy the digital concierge service Velocity Black as it pushes deeper into premium credit cards and other luxury markets dominated by <-bsp-bb-link state="{"bbHref":"bbg://securities/AXP%20US%20Equity/FA","_id":"00000188-77ec-d4e2-a1cb-77fc7c390001","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">American Express Co. and <-bsp-bb-link state="{"bbHref":"bbg://securities/JPM%20US%20Equity/FA%20GEO","_id":"00000188-77ec-d4e2-a1cb-77fc7c390002","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">JPMorgan Chase & Co.

The deal gives Capital One a global platform focused on luxury travel, entertainment, shopping and dining, according to a statement Thursday. Terms weren’t disclosed, though Velocity Black says on its website it’s backed by $28 million in venture capital.

Velocity Black Experiences

Source: Capital One

Capital One, which has been trying to lure more premium consumers, debuted its $395-a-year Venture X card in 2021. The company has been building out ...