Capital One’s latest round of funding, which is led by Andreessen Horowitz and led by Founders Fund, has raised $1 billion in a Series C round led by the online payment giant.
The funding round will be led by VC firm Andreessen Capital and brings the company’s total funding to $1,567 million.
The company also announced that it had raised $50 million in Series A funding from private equity firm Maveron Capital.
The latest round was led by Draper Fisher Jurvetson, who is also a co-founder of Capital One.
The round also includes Andreessen, Maveron, VC firm Sequoia Capital and Founders Fund.
“Capital One is one of the most recognized and valued companies in the world, and our Series C investment is a great way to bring this incredible company to life,” said Adam Draper, President and Chief Executive Officer of Capital First.
“This is a bold move and capital moves us closer to delivering a truly world-class financial app for our customers, customers’ wallets, and employees.”
The Series C financing is the latest in a series of investments by Andreas Venture Partners and Sequoias VC-backed firms that have helped to create the world’s most popular online payment app.
Capital One, which has more than 15 million customers, has over 1,400 banks, credit unions, payment providers and others on its platform.
It also has a growing user base that is growing to more than one billion monthly active users.
“The acquisition of CapitalOne is another important milestone in the evolution of Capital’s app platform and our relationship with our customers,” said Matt Buiten, CEO of Capital.
“Our focus on building a truly global, secure and accessible platform that is secure, fast, and efficient for consumers and merchants has been an ongoing goal of ours, and this acquisition is a natural extension of our commitment to the platform.”
Capital One is expected to launch the app in late 2017.
The acquisition is one part of Capital CEO Anthony Wood’s push to transform the financial service industry, as he also owns Capital One MoneyPass, the company that serves as the online wallet for Capital One customers.
“We are excited to join the Andreessen and Founders families, as we will be one of CapitalFirst’s largest investors,” said Andreessen.
“They have a deep understanding of Capital, and the way that its digital business model works, and we look forward to continuing our collaboration and partnering with them in the years ahead.”