Capital One has acquired Bundle Corporation, an online tool that helps people control their spending habits. The company has data about where people are actually spending their money as sourced by anonymous and aggregated consumer spending data. This could be more valuable than simple user reviews that are offered by companies like Yelp.
Bundle had access to around 20 million Visa and MasterCard credit cards from Citi and other third-party companies as of this past fall. They also had public data from the U.S. government. Bundle launched an iPhone app in January to provide users with recommendations near them.
Bundle found that spending data could be a better indicator of one’s preference and could be used to highlight the top local business. For example, you may have ranked a business with a five-star review but this would be based on the one time that you ate there.
By finding out what types of restaurants you visit often, users could look up local businesses that are similar based on a “Bundle Score.” Categories Bundle showcases include night lights, spas, beauty, shopping, etc.
Bundle CEO Jaidev Shergill and eleven of the company’s team members will join Capital One and support Capital One’s Digital Labs. The Bundle staff will remain in New York City.
Bundle has an undisclosed round of funding from strategic investors like Citigroup, Microsoft, and Morningstar.