Lycos teams with Net bank on financial services
In a deal that could generate as much as $135 million for Lycos, the Web portal announces a multiyear deal with WingspanBank.com to provide an array of personal finance services.
The companies said that Lycos stands to make $135 million if certain performance thresholds are met and the agreement runs to term.
WingspanBank, a subsidiary of Bank One, the nation's fifth largest bank, was created in late June to stand as an Internet-only bank. Although Bank One has an online site, BankOne.com--which has cobranded alliances with Excite and America Online, the company is trying to distinguish WingspanBank as a separate entity.
"Because WingspanBank.com was created from a clean slate, unencumbered by the trappings of traditional banks, it harnesses the power of the Internet," to provide online consumers with a host of financial services to meet their lifestyle needs, said WingspanBank.com chief executive Jim Stewart.
Through this agreement, Lycos users will be able to access their checking accounts, pay bills online, apply for a variety of loans, and make and manage investments among other financial services.
"We think online banking is going to be an indispensable part of the modern lifestyle," said Lycos chief executive Bob Davis.
Shares of Lycos closed down 3.23 percent yesterday at 91.88. The stock has traded as high as 145.38 and as low s 20.06 during the past 52 weeks. Bank One rose 2.69 percent to close at 59.56 yesterday and has traded as high as 63.56 and as low as 36.06 in the past 52 weeks.