Capital One is investing an additional $96 million in Hopper and extending its partnership with the travel company.
In March 2021, Capital One led Hopper’s Series F round of $170 million. That investment marked the launch of Hopper Cloud, the company’s B2B initiative, with Capital One as its first client. In September 2021, Capital One unveiled its revamped Capital One Travel portal powered by Hopper.
“Capital One has invested heavily in our own tech journey to ensure we can be nimble and innovate on our platforms and experiences at scale. With Hopper, we have found a partner who can not only match that pace but help us continue to challenge the status quo and take a differentiated approach to building a world class travel brand,” says Matt Knise, managing vice president of U.S. Card at Capital One.
“Through this strategic partnership, we’re well-positioned to adapt to a rapidly changing travel environment and create industry-leading solutions for our customers along their travel journey.”
Capital One Travel uses Hopper Cloud to offer customers features such as price alerts, price drop protection and the ability to cancel a flight for any reason.
“We are thrilled to be extending our partnership with Capital One to further the growth and expansion of Capital One Travel,” says Frederic Lalonde, CEO and co-founder of Hopper.
“We look forward to continuing to deliver a game-changing travel booking experience that evolves to meet the next generation of customers’ needs.”
Hopper says its share of third-party air travel in the United States has increased to 11.2%, and it is now the third largest online travel agency in North America. The company says it is on track to sell $4.5 billion in travel and travel fintech this year across flights, hotels, homes and rental cars.
Hopper has begun rolling out social commerce features that enable users to earn discounts toward future purchases, and it says the new funding will be used to further those social commerce efforts.
To date Hopper has raise more than $700 million.
