Capital One today announced that it has acquired United Income, a wealth management software company based in Washington, D.C. The deal closed on July 31, 2019. This acquisition builds on a 2018 investment Capital One made in United Income.
United Income’s money management solution aims to extend the life and potential of money by utilizing new data and technology. The firm has broken new ground with its innovations, which include: the fusion of financial planning and investment management into a single platform; personalized reports that review the company’s impact on lowering customers’ taxes, increasing the value of retirement benefits and boosting investment returns; and the forecasting of potential future life events that impact wealth.
“This acquisition represents a unique opportunity to build cutting-edge wealth management capabilities that positively impact in the lives of customers,” said Chris Newkirk, President of Small Business, International and Walmart at Capital One. “We’ve been impressed with United Income’s unique, technology-based approach to wealth management and the team’s execution.”
Founded in 2016, United Income has in the past year nearly doubled its assets under management and retained 98 percent of its clients.
“Capital One’s customer-focused mission and rigorous management approach were inspirations for us while we were building United Income, and we are excited to build upon that mission as part of Capital One.” said Matt Fellowes, Founder and CEO of United Income.
About Capital One
Capital One Financial Corporation is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $255.1 billion in deposits and $373.2 billion in total assets as of March 31, 2019. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.