Hopper
Travel app with AI fare prediction that also licenses its booking and fintech tech to banks and airlines.
On the record
Checkpoint: Next anchor partner renewal decision (RBC, Nubank, or Lloyds Bank) on whether to keep licensing HTS or insource
The call
Hopper's consumer app faces free AI fare tools while its B2B fintech arm just lost its biggest customer to insourcing, leaving the next partner renewal as the real test.
Hopper makes products that let travelers freeze ticket prices or get refunds if plans change, and sells these guarantees to banks like Capital One and to consumers directly. The company bet that big banks would rather pay Hopper than build these tools themselves, but Capital One just proved that wrong by hiring away 150 Hopper employees and rebuilding the platform in-house in early 2026, which is a major setback. On the consumer side, Google Flights, Kayak, ChatGPT, and other AI tools now do what Hopper's original price-prediction feature did, so that advantage is gone. The one thing that could save Hopper is if its insurance-like fintech products become so important to enough banks and travel companies that they stick with it instead of copying Capital One's move, but that is a smaller business than the price-prediction business Hopper built its reputation on.
Why
01
AI pressure: Kayak Ask AI and Google's upcoming agentic travel-booking agent. Kayak Ask AI already answers fare-timing questions for free; Google's own agent may route bookings to Booking.com and Expedia instead of Hopper. Could AI do the core job? Only partly.
02
Bigger players: Capital One (insourced the Hopper-built platform and 150 staff). In April 2026 Capital One took its own Hopper-built travel platform, its supplier deals, and about 150 staff in-house, ending the managed relationship. Could a giant copy it? Yes, easily.
03
What protects it. Fintech products like Price Freeze and Cancel for Any Reason carry real underwriting liability that's harder to copy than a search feature, and 20+ other B2B partners spread the risk beyond one bank.
What would change this call
RBC or Nubank renews vs. insources its Hopper (HTS) partnership by end of 2027. Shows whether Capital One's insourcing was a one-off or a repeatable pattern that kills the B2B thesis.
Google's agentic booking feature at I/O 2026 lists its launch travel partners. Shows whether Hopper is included in or excluded from Google's default agentic distribution.
Hopper discloses audited 2025/2026 revenue and operating-profit figures. Shows whether fintech-arm revenue actually replaced lost Capital One platform volume.
Google's agentic booking feature at I/O 2026 lists its launch travel partners. Shows whether Hopper is included in or excluded from Google's default agentic distribution.
Hopper discloses audited 2025/2026 revenue and operating-profit figures. Shows whether fintech-arm revenue actually replaced lost Capital One platform volume.
Key numbers
- Capital One insourced platform tech and ~150 employees
- HTS partner channels drive ~90% of $500M+ revenue
- 20+ B2B partners now run on HTS, Capital One excluded
Named risks
- Largest known B2B anchor customer Capital One insourced tech and staff in April 2026.
- Consumer price prediction commoditized by Google Flights, Kayak Ask AI, and LLM trip planners.
- Headcount decline continuing: 30% cut in 2023, 10% in 2024, plus 150 more transferred in 2026.
- Revenue and profitability claims are company stated and contested, not independently verified.
- History of volatile supply partnerships with Expedia and Booking.com suggests future disruption risk.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Booking Holdings (Kayak) | gaining on | Kayak launched Ask AI natural language booking tool in April 2026, direct rival to Hopper's price prediction niche |
| Expedia Group | contesting | Cut Hopper hotel supply in July 2023, resumed November 2024, showing an unstable rival-partner relationship |
| losing to | Analysts say Google's agentic travel booking feature expected around I/O 2026 is set to favor Booking and Expedia, not Hopper | |
| Capital One (former partner turned insourcer) | losing to | Insourced Hopper's platform tech and about 150 employees by April 2026, ending managed platform role |
Questions people ask
- Is Hopper profitable in 2026?
- Hopper told Fast Company in October 2025 it expected its first operating profit in 2025, but this figure is company-stated and unaudited. Separately, Hopper publicly disputed Skift's May 2026 reporting on revenue impact from the Capital One insourcing, so verified profitability remains unconfirmed.
- Did Hopper lose Capital One as a customer?
- Yes. Capital One closed a deal in April 2026 to bring the Capital One Travel platform technology, supplier relationships, and about 150 Hopper employees in house, ending Hopper's role as the managed platform operator for its largest known B2B account.
- Could AI replace Hopper's core product?
- Hopper's original fare-prediction and search function is increasingly commoditized: Kayak launched its Ask AI natural language booking tool in April 2026, and Google Flights and general LLM trip planners replicate similar itinerary research, pressuring Hopper's original consumer wedge.
- Who is Hopper's biggest competitor?
- Booking Holdings (Kayak, Booking.com) and Expedia Group are the dominant incumbents, with combined gross bookings exceeding $200 billion in 2024. Google is also reportedly preparing an agentic travel booking feature around I/O 2026 expected to favor Booking and Expedia over Hopper.
- Will Hopper go public?
- Bloomberg reported on January 21, 2025 that founder Fred Lalonde was eyeing a long-term IPO plan that he believes could value Hopper at up to $10 billion, but as of mid-2026 no S-1 filing or confirmed IPO timeline has emerged.
- Who owns Hopper?
- Hopper is privately held. Key investors include Capital One, Brookfield Asset Management, Goldman Sachs, Citi Ventures, WestCap Group, Caisse de depot et placement du Quebec, Brightspark Ventures, Inovia Capital and OMERS Ventures, per a July 2023 Globe and Mail report.
Timeline
- 2026-06-17WestJet launches Cancel For Any Reason product powered by Hopper Technology Solutions
- 2026-05-13Hopper publicly disputes Skift reporting on revenue impact of Capital One departure
- 2026-04-22Capital One closes deal acquiring Hopper tech and about 150 employees
- 2026-03-17Capital One announces payout to acquire Hopper Travel platform tech and staff
- 2026-03-16HTS launches AI based Cancel for Any Reason hotel product with Tripadvisor, Cloudbeds, Aven
- 2025-10-02Hopper launches HTS Assist agentic AI customer service tool
- 2025-01-21Bloomberg reports founder eyeing long term IPO plan valuing Hopper up to $10 billion
- 2024-11Expedia resumes hotel supply to Hopper after 2023 cutoff
- 2023-07Expedia cuts hotel supply to Hopper; Booking.com partnership later terminated
- 2021-03Hopper reaches unicorn status with $170 million investment led by Capital One
Revision history
24 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Capital One Closed Hopper Tech and Employee Deal in April (2026-04-22)
- Capital One to Make 'Payout' to Acquire the Hopper Tech and Employees (2026-03-17)
- Hopper launches HTS Assist (2025-10-02)
- Hopper Technology Solutions launches AI-based cancelation program (2026-03-16)
- Invest In Hopper Stock (2026-06-17)
- Hopper (company) (2026-07-14)
- Hopper, Company Profile & Market Insights, 2026, Montreal (2026-07-13)
- Travel App Hopper Eyes Long-Term IPO Plan, $10 Billion Valuation (2025-01-21)
- Hopper soars as Montreal online travel company unveils first of a slew of global deals (2023-07-28)
- What is Competitive Landscape of Hopper Company? (2026-03-20)
- Hopper AI Review (2026) (2026-05-30)
- Hopper Review [2026] (2026-07-16)