Capital One has reportedly inked a deal to acquire Paribus, a price tracking service, as the credit card company makes another acquisition in the FinTech space.
According to a report, Paribus aids online shoppers in getting automatic refunds when the price drops on items they purchased. While the terms of the deal were not disclosed, the report noted the acquisition includes bringing the team of Paribus and its technology under the Capital One umbrella.
Paribus, which launched last year, is aiming to automate the process of checking up on previous purchases to ensure shoppers can request and get a refund from an online retailer if the price is cheaper elsewhere. Lots of retailers offer the post-purchase price match, but a lot of consumers don’t actually take advantage of it or even watch prices to see when things decline once they have completed their purchase.
Paribus makes it easier for consumers by integrating with their email provider — be it Gmail, Outlook or Yahoo — in order to scan their inboxes for receipts of online purchases. When Paribus finds one, it will be on the lookout for a drop in the price of the item within the window for the customer to take advantage of the price match. The report noted the service works with Amazon, Best Buy, Walmart, Target, Bloomingdale’s, Macy’s, Bonobos, J.Crew, NewEgg, Costco, Staples, Kohl’s and others.
“We are incredibly impressed with the level of talent, the innovative technology that they have and are developing and their steadfast mission to deliver effortless experiences for its users,” said Emilia Lopez, managing vice president of U.S. Card at Capital One, said in the report. “Our focus right now is on merging Paribus into the broader Capital One family and adding the Paribus product into the broader set of technology and tools aimed at making people’s lives easier, like CreditWise and Second Look,” Lopez added.
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