- Capital One has acquired Detroit, Michigan-based luxury retail cashback company Jewel Commerce
- These are the details about the deal
Capital One announced recently that it acquired Detroit, Michigan-based luxury retail cashback company Jewel Commerce. The terms of the deal were undisclosed.
Jewel is known for helping consumers discover new brands and receive cash back while shopping online. With deep relationships in the luxury retail space and customers, Jewel operates a free digital tool to help consumers discover new luxury brands. Some of the luxury items include clothing, home decorations, footwear, and accessories.
“There is an incredible opportunity to bring savings and discovery in the luxury loyalty space,” said Jewel co-founder and CEO Andrew Landau. “By joining the Capital One family, we’ll be able to more quickly enhance our offerings to bring even more innovation to the market.”
Prior to Capital One’s acquisition, Jewel raised $500,000 in funding. Jewel currently has five employees who will remain at the company including co-founder and CTO Dushan David Shimko.
And Jewel is planning to continue operating out of Detroit. Plus more employees are expected to be hired over the next year. Currently, Jewel operates out of Grand Circus in downtown.
This is the second company that Landau built from the ground up. Landau also launched Chalkfly LLC, which is a company that sells office and school supplies directly to businesses and consumers. Andrew Landau had founded Chalkfly with his brother Ryan Landau and it was acquired by Global Office Solutions in 2014. Following the acquisition, Andrew was hired as the head of business development for Jet.com in New York. Then he moved back to Detroit in 2017 to launch Jewel.
“Whether they are shopping luxury retailers or everyday brands, consumers want to be able to shop with confidence that they are getting great value,” added Capital One Financial VP Walt Roloson. “Capital One and Jewel have a shared goal of providing simple, straightforward digital tools that can help consumers effortlessly save time and money.”