Capital One acquires Level Money App

US bank Capital One has bought money management app Level Money.

Capital One has acquired San Francisco-based money management app, Level Money, the companies announced this morning.

Launched in 2013, San Francisco-based Level Money provides an iOS and Android money meter app that automatically updates as users make purchases, letting them know what they can safely spend that day, week and month.

The company says that its app – which connects to around 70 banks – has been downloaded more than 700,000 times and that it has helped users manage more than $12 billion in transactions.

Level will continue to be actively developed, and you can still sign in accounts with all the banks it currently supports. Capital One acquired the whole 11-person team and will allow them to remain working in San Francisco, where Capital One has an office with 100 people and plans to expand.

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Level Money co-founder and CEO Jake Fuentes says

“The Level product will only get better,”

“We have a mandate from Capital One to build this into the next-generation banking experience we know it can be. We have access to resources at Capital One at a scale that we can really only dream of as a small company.”

Says Fuentes:

“In retrospect, this next chapter is obvious: Capital One’s story and capabilities are completely unique. Much younger and nimbler than any other top bank, Capital One is a founder-led company on a mission to transform the way banking is done.”

Financial terms were not disclosed.

Level is available on Android and iOS.