Lola leaves Travel with the acquisition by Capital One

Skift take

After purchasing Freebird and integrating Hopper as a travel platform for credit card members, Capital One is building a significant travel portfolio with this latest acquisition.

Matthew Parsons

The Lola business travel booking and spending app has shut down as banking firm Capital One acquired most of its employees and software, according to local media.

The liquidation follows Lola’s split from American Express Global Business Travel last month, when the startup said it was making room for “new things to come.”

All of its corporate contracts have been terminated and repayments have been made, the report adds.

Lola did not respond to Skift’s request for comment.

Co-founders Paul English and Mike Volpe, along with more than 50 other employees, will move to Capital One‘s U.S. office in McLean, Virginia, and work in the bank’s fintech division.

With the newly recruited Lola team, Capital One acquires even more expertise in travel technology, following its acquisition of Freebird, a platform that allows agents to sell more flight insurance and rebooking services. smart, in August of last year.

Capital One also led a $ 170 million fundraiser in August this year for online travel agency Hopper, which now powers Capital One Travel, the booking platform used by its cardholders. .

The Boston Globe reported that Capital One on Thursday completed the acquisition of Lola from its investors, a group that included venture capital firms General Catalyst and Accel, as well as English and Volpe.

General Catalyst was also an investor in Freebird, while other travel interests include Airbnb, Hopin and Saber, according to its website.