One of the innovators in the field of credit card reward optimization, Wallaby Financial has been acquired by online personal finance publisher, Bankrate. Terms were not disclosed.
Wallaby founder and CEO Matthew Goldman sees many advantages to being a part of Bankrate. “Their massive consumer audience, leading distribution partnerships, and financial resources will allow Wallaby to help millions of Americans acquire and use the right financial products,” he said.
Bankrate CEO Kenneth S. Esterow added that the acquisition will help his company deepen customer relationships. Esterow said that “Tests with their products have demonstrated substantial increases in conversion rates in our profitable and growing credit card channel.”
Some have expressed surprise at the acquisition. But Wallaby’s ability to help drive credit card lead generation is one likely synergy between the two companies. Wallaby’s technology helps consumers choose credit cards that are most compatible with their financial needs and goals. The company maintains a credit card database of more than 2,400 credit cards, and has more than 100,000 users on its platform.
Wallaby has enjoyed a busy fall. The company was one of the finalists of the SWIFT Innotribe Startup Challenge, and launched its WalletUp mobile app. Wallaby has been eager to embrace wearables, unveiling its Android Wear app this fall.
Read more about Wallaby’s initiatives in wearables in our extended feature with Wallaby CEO Matthew Goldman.
Wallaby Financial was founded in 2011 and is headquartered in Pasadena, California. The company was last on the Finovate stage for FinovateSpring 2013, where it demoed Wallaby Wallet Boost.