Investment
Travel app Hopper receives $96 million investment from Capital One
NEW YORK, Nov 7 (Reuters) – Hopper, a travel booking app, said on Monday it received a $96 million follow-on investment from Capital One Financial Corp (COF.N), funds it will use in part to build its social commerce business aimed at younger travelers.
Hopper said the investment will also be used to grow its business-to-business unit including building fintech products and travel portals for partners like Capital One. Its social commerce business includes games and referral programs to earn travel credit, according to the President of Hopper, Dakota Smith.
The company said its fintech offerings, such as Price Freeze and Flight Disruption Guarantee, represent about 40% of total app revenue and 70% of air booking revenue.
Capital One and Hopper launched Capital One Travel in 2021, which offers Capital One card holders products like price drop protection as well as travel rewards. The latest round of funding will extend the partnership, Smith added.
Capital One has previously told investors it is investing in its franchises including its travel portal and airport lounges in a bid to market to heavy spenders.
“Through this strategic partnership, we’re well-positioned to adapt to a rapidly changing travel environment and create industry-leading solutions for our customers,” the bank said.
Capital One invested $100 million in Hopper last year.
Reporting by Doyinsola Oladipo in New York; Editing by Anna Driver and Chizu Nomiyama
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Economy
S&P/TSX composite down more than 200 points, U.S. stock markets also fall
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Economy
S&P/TSX composite up more than 150 points, U.S. stock markets also higher
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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