Monday, May 20

US bank card big Capital One swoops on concierge service Velocity Black

Capital One, the American bank card big, is poised to swoop on a British luxurious concierge service in a deal stated to be value a whole lot of thousands and thousands of {dollars}.

Sky News has discovered that Capital One Financial Corp has struck a deal to amass Velocity Black, which was based in 2014 and affords its well-heeled members precedence entry to upmarket occasions and experiences.

City sources stated the deal had been agreed, however had but to be publicly introduced.

One added that it may worth the enterprise at about $300m (£240.5m), though that valuation couldn’t be confirmed on Wednesday.

If accomplished, the deal would supply Capital One a technique to entice and retain high-spending clients amid a continuing battle between corporations prefer it and American Express.

Velocity Black was arrange by Zia Yusuf, a former Goldman Sachs banker, and Alex Macdonald.

Announcing a partnership with the Aston Martin Formula One crew final month, Mr Yusuf stated: “At Velocity Black we consider life is brief, and that each second issues.

“Our members are high-performance people, and we help them live extraordinary lives.”

According to filings at Companies House, an utility to strike off the corporate was suspended this month amid an objection to the transfer.

Neither Capital One nor Mr Macdonald responded to a sequence of requests for remark.

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