Capital One to shutter Level Money

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Level Money, a popular money management app that is owned by Capital One Financial, is being shut down Sept. 1.

A blog post from Level Money's managers, which once billed their product as a GPS for consumers' finances, basically said times had changed.

“When we started Level Money back in 2013, there weren’t many tools to help people manage their money," the post said. "We saw an opportunity to fix that — reinventing the banking experience to make managing money easier and more intuitive.

"While we’ve had successes over the years, we are encouraged by how much the financial industry has changed. There are now a plethora of tools available to help you manage your money.”

Capital One acquired the maker of Level Money in 2015, at a time when many fintech insiders were raving about the app. Its shutdown was announced Thursday.

Several popular apps have closed down in recent weeks. Prosper Marketplace is discontinuing the Prosper Daily app (formerly known as BillGuard), which helped users protect their identities and monitor their credit scores.

The marketplace lender Social Finance also decided to discontinue accounts offered by Zenbanx, a mobile technology company that SoFi acquired this year.

The blog post said the people behind Level Money will continue their efforts to promote more ways for consumers to save and manage their money. It also said the login credentials and associated transaction history for all accounts held outside of Capital One will be purged.

Digit, Qapital and Clarity Money are three examples of stand-alone apps designed to help people manage their money.

This article originally appeared in American Banker.
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PFM Mobile banking Marketplace lending Capital One Social Finance Prosper Marketplace