On Monday, Hopper reported receiving a USD 96 million follow-on investment from Capital One Financial Corp (NYSE:COF). The company added that funds would be used to build its social commerce business aimed at younger travellers.

Hopper said the investment would 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.

Hopper said its fintech offerings, such as Price Freeze and Flight Disruption Guarantee, represent about 40 per cent of total app revenue and 70 per cent of air booking revenue.

Capital One and Hopper launched Capital One Travel in 2021, offering Capital One cardholders products like price drop protection and 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.

Last year, Capital One invested USD 100 million in Hopper.