Capital One Elbows In on Amex With Deal for Concierge Firm (1)

Capital One Financial Corp. agreed to buy the digital concierge service Velocity Black as it pushes deeper into premium credit cards and other luxury markets dominated by American Express Co. and JPMorgan Chase & Co.

The deal gives Capital One a global platform focused on luxury travel, entertainment, shopping and dining, according to a statement Thursday. Terms weren’t disclosed, though Velocity Black says on its website it’s backed by $28 million in venture capital.

Velocity Black Experiences

Source: Capital One

Capital One, which has been trying to lure more premium consumers, debuted its $395-a-year Venture X card in 2021. The company has been building out ...