Bank holding company Capital One has acquired Jewel Commerce LLC just two years after the launch of the Detroit-based luxury retail cashback site that helps consumers discover new brands and earn cash back when shopping online.
Capital One said the acquisition will add to its efforts to develop tools that help customers make smarter financial decisions.
The terms of the transaction were not disclosed.
Jewel will remain in Detroit, with plans to employ additional staff over the next year.
“There is an incredible opportunity to bring savings and discovery in the luxury loyalty space,” Jewel co-founder and CEO Andrew Landau said in a blog post. "By joining the Capital One family, we’ll be able to more quickly enhance our offerings to bring even more innovation to the market."
