Following the acquisition, Paribus will not be shutting down, but instead will work along with Capital One to expand into new money-saving areas. The company was already working on a new product that would focus on credit card price protection, according to TechCrunch.
Capital One will add to its portfolio both Paribus’ team and technology. The startup has raised USD 2.22 million in outside funding to date and has a team of 12, all of whom are now joining Capital One.
Paribus helps online shoppers get automatic refunds when prices drop on things they purchased. The service automates the process of following up on past purchases to see if shoppers could request a refund from the online retailer. Paribus integrates with the user’s email provider in order to scan the inbox for receipts of online purchases. When it finds one, it will then watch the item for a price drop within the store’s price match claim window. The service works with a number of online retailers, including Amazon, Best Buy, Walmart, Target, Bloomingdale’s, Macy’s, Bonobos, J.Crew, NewEgg, Costco, Staples, Kohl’s, and many others.
As part of its strategy to improve its banking services, Capital One has also acquired several startups like Bundle, BankOns, Adaptive Path, and in 2015, Level Money and Monsoon.
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