 | This article contains promotional content .(November 2022) |
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| Company type | Subsidiary |
|---|---|
| Industry | Technology Software |
| Founded | 2014 |
| Founder | Eric Glyman (CEO) Karim Atiyeh (CTO) |
| Headquarters | Brooklyn, NY |
Area served | Worldwide |
| Parent | Capital One |
| Website | www |
Paribus was a price-tracking service founded in 2014 that monitored online purchase receipts to identify opportunities for price-adjustment claims.
Paribus was founded in 2014 by Eric Glyman and Karim Atiyeh. [1] The company is based in Brooklyn, New York. [1] The name is derived from the Latin phrase ceteris paribus , meaning "all others things being equal." [2]
The founders developed the concept in 2013 to simplify the process of receiving a refund following a price drop. [3] [4] and launched a beta version of the service in September 2014, with a public introduction at TechCrunch Disrupt New York on 5 May 2015. [1] [5] Paribus released its iOS app on August 6, 2015, [6] and its Android app on April 28, 2016. [7]
In October 2015 Paribus announced a seed funding round of about $2.1 million following participation in Y Combinator and TechCrunch Startup Battlefield. The round was reported to have been led by General Catalyst Partners and also included Greylock Partners, Foundation Capital, Soma Capital and Mick Johnson. [8]
In October 2016, it was announced that Paribus had been acquired by Capital One. [9] [10] Following the acquisition, the service was integrated into Capital One’s suite of shopping and price-protection features; specific product changes and service availability have varied over time.[ citation needed ] As of January 2023, Capital One discontinued the Capital One Price Protection feature of Capital One Shopping. [11]
Paribus connected to a user's email account to scan messages for receipts from e-commerce retailers. [12] [13] When a qualifying price adjustment opportunity was detected, the service submitted claims on the user’s behalf to request refunds or adjustments according to the retailer’s policies. [14] [15] [16] It was also able to detect coupons or promo codes that could have been applied to a purchase, and have the coupon redeemed retroactively. [17] [18] The app is free. [19] After the acquisition closed with Capital One, Paribus users began to keep 100% of the savings. It was available on the iPhone, iPad, iPod Touch, and on Android smartphones and tablets. [20]
At its launch, the service worked with 18 major retailers, including Amazon.com, Best Buy, Walmart, Target, Macy's and Newegg. [8] [21] This list had grown to 29 retailers in the United States by December 2017. The company states that the average user saves between $60 and $100 per year. [12] As of October 2016, it had over 700,000 users. [9]