The deal gives Capital One a global platform focused on luxury travel, entertainment, shopping and dining, according to a statement Thursday. Terms weren’t disclosed, though Velocity Black says on its website it’s backed by $28 million in venture capital.

Investment firms for the world’s super-rich had 7% of their portfolios allocated to the sector on average last year, almost double from 2021, the Swiss bank said Wednesday in a report.

Created just before the pandemic and led by JPMorgan veteran Andy Cohen, the business now includes about three dozen people in the U.S., Asia and Europe and works closely with the New York-based firm’s investment and private banks.

JPMorgan Chase executives have laid out a case for the nation’s biggest bank, with nearly $4 trillion in assets, to grow bigger still by providing more services to affluent clients.

A few months ago, Frank Holding Jr. was the head of a little-known lender in North Carolina. Now, following the turmoil in U.S. regional banks, he’s sitting atop one of the world’s fastest-growing fortunes.

While the markets have been buoyed by JPMorgan’s takeover of First Republic Bank on Monday, family offices and wealth managers have so far been largely nonchalant about the deal involving a regional bank known for catering to wealthy clients.