Capital One acquires money management app Level Money

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Capital One has acquired Level Money, a money management app which helps consumers to keep better track of their spending.

Terms of the deal were not disclosed. The startup will continue as part of Capital One, but will remain a standalone application and keep its original LevelMoney team.

The San Francisco-based app boasted 700,000 users at the time of the acquisition, TechCrunch reported, and has helped its customers manage over $12 billion in transactions. Released in the autumn of 2013, Level Money connects to 2,500 US banks. The app does not hold money itself, but helps users to better control the money kept in various accounts and track their spending by allowing them to set savings goals, as well as offering suggestions of what users should do with money left over at the end of the month.

The startup had raised $5 million in Series A funding led by Kleiner Perkins Caufield & Byers.

Level Money CEO Jakes Fuertes, who will be staying on with the company, said that joining Capital One will help the company continue to evolve and grow, “powered by the resources and deep expertise at Capital One.”

Capital One has acquired several other money management startups over the last few years including spending tracker Bundle in late 2012, BankOns, and design and user experience consultancy Adaptive Path.

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