Bankrate Buys Wallaby Financial

(RTTNews) - Bankrate, Inc. (RATE) said Monday that it has acquired Wallaby Financial, Inc., a provider of mobile and web-based credit card optimization solutions for consumers.

Financial terms of the deal were not disclosed.

Wallaby's Web, iPhone, Android, and wearable solutions work alongside its proprietary algorithms and, based on geo-location and consumer preferences, help consumers maximize the rewards they earn with each credit card purchase. Through Wallaby, consumers can also sign up for new cards that are closely aligned with their purchase habits. Wallaby's proprietary CardBase database includes more than 2,400 credit cards offered by over 500 financial institutions and is the ideal companion for every digital wallet solution.

Bankrate said it will combine Wallaby's product family and proprietary technology with its existing credit card distribution platform.