Bank holding company Capital One has acquired Jewel Commerce LLC, a Detroit-based luxury cashback site, just two years after it launched. Jewel’s mission is to help consumers find and discover their favourite luxury brands while also helping them earn cash back at the same time. By joining Capital One, Jewel will be able to bring savings and discovery to the luxury loyalty space and further enhance their offerings. Purchasing through the website can earn users cash rebates from 2% to 35%.
Capital One is developing a set of tools that helps customers make smarter financial decisions, and the acquisition is part of a way to add to that. The terms of the transaction were not disclosed.
“Capital One and Jewel have a shared goal of providing simple, straightforward digital tools that can help consumers effortlessly save time and money,” said Walt Roloson, vice president at Capital One Financial.
“We are deeply appreciative of the support from our customers, merchants, investors and community partners and are looking forward to growing with these relationships in our next chapter,” said Andrew Landau, co-founder and CEO of Jewel.
Jewel’s headquarters will remain in Detroit, with plans to employ additional staff this year.