Stack Capital Holding Hopper Strikes Deal With Commonwealth Bank – Australia’s #1 Financial Institution
TORONTO, May 24, 2023 (GLOBE NEWSWIRE) — Stack Capital Group Inc., (TSX:STCK and TSX:STCK.WT) is pleased to announce that Hopper, Inc. (“Hopper”), an existing portfolio holding, has partnered with Commonwealth Bank (“CommBank”) (ASX:CBA), Australia’s largest financial institution, making it easier for CommBank customers to book flights, accommodation, and car rentals – both domestically and internationally – while saving money.
Building on the success of Hopper’s existing partnership with Capital One (NYSE:COF), which has been in place for the past 18 months, this announcement with CommBank represents a key milestone in Hopper’s efforts to expand its partnerships globally with market-leading financial institutions. Hopper will deliver an end-to-end travel offering for CommBank credit card customers, complete with world-class flexibility and disruption products to improve the traveller experience; and will provide CommBank customers with access to the lowest prices on 300 airlines, 2 million hotels, and 100 car rental companies.
“Another incredible partnership announcement for Hopper, this time with Commonwealth Bank, the #1 financial institution and credit card issuer in Australia. Hopper continues to demonstrate the ability to syndicate its innovative travel fintech products and inventory, through Hopper Cloud, to some of the world’s leading travel platforms and financial institutions”, said Jeff Parks, CEO of Stack Capital. “We look forward to more announcements of this type from Hopper in the future, which will fuel continued growth within the business.”
To access a copy of the Hopper announcement please click here.
About Stack Capital
Stack Capital is an investment holding company and its business objective is to invest in equity, debt and/or other securities of growth-to-late-stage private businesses. Through Stack Capital, shareholders have the opportunity to gain exposure to the diversified private investment portfolio; participate in the private market; and have liquidity due to the listing of the Common Shares and Warrants on the TSX. At the same time, the public structure also allows the Company to focus its efforts on maximizing long-term performance through a portfolio of high growth businesses, which are not widely available to most Canadian investors. SC Partners Ltd. (the “Manager”) has taken the initiative in creating the Company and acts as the Company’s administrator and is responsible to source and advise with respect to all investments for the Company.
Hopper is the world’s fastest-growing mobile-first travel marketplace, focused on helping customers save money and travel better. The Hopper app has nearly 100 million downloads and continues to capture market share around the world. By leveraging massive amounts of data and machine learning, the company has developed several unique fintech solutions that address everything from pricing volatility to trip disruptions. Through its B2B initiative, Hopper Cloud, the company is syndicating its travel fintech products and inventory, providing companies that aspire to sell travel a differentiated consumer experience and offering. Hopper has increased its revenue 2.5X year-over-year and sells around $6 billion in travel and travel fintech annually. To find out more about Hopper, visit Hopper.com.
About Commonwealth Bank
Commonwealth Bank of Australia provides integrated financial services to customers in Australia, New Zealand, and internationally. It operates through Retail Banking Services, Business Banking, Institutional Banking and Markets, and New Zealand segments. The company offers transaction, savings, and foreign currency accounts; term deposits; personal and business loans; overdrafts; equipment finance; credit cards; international payment and trade; and private banking services, as well as home and car loans. It also provides retail, premium, business, offshore, and institutional banking services; and funds management, superannuation, and share broking products and services, as well as car, health, life, income protection, and travel insurance. The company offers advisory services for high-net-worth individuals; equities trading and margin lending services; debt capital, transaction banking, working capital, and risk management services; and international and foreign exchange services. The company was founded in 1911 and is based in Sydney, Australia.
For more information, please visit our website at www.stackcapitalgroup.com or contact:
VP, Corporate Development, and Investor Relations
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c1d4db62-ed7f-4907-93af-818e87c0fff5