American Express (AXP) announced on Friday that it is buying booking platform Tock for $400 million. The credit card company is set to acquire the restaurant booking platform from Squarespace in an all-cash deal. This will be the financial behemoth’s second acquisition. In 2019, AmEx acquired the online reservation platform Resy. CWEB analyzes that the credit card giant is strengthening its financial hold on the restaurant business as many premium customers spend enormous sums of money on dining.
After acquiring Resy in 2019, the credit card giant used the online reservation platform to give its valued customer’s restaurant access, early notifications of certain services, and premium deals on booking such services through the platform. CWEB believes that American Express’s acquisition of Tock is to expand its offerings to its premium customers.
Tock has access to about 7,000 restaurants, wineries, and hospitality services. American Express will build on its services to premium customers by giving them access to deals and services from Resy and Tock.
These platforms give their web fans access to Michelin-rated restaurants, limited unique food experiences, and regular dining services.
American Express is also acquiring Rooam, a contactless payments platform many restaurants, bars, event venues, and other businesses use.
@aryawasbored Amex buys Tock for $400M for “hard to get dinner reservations” — the reservation markets are hot #startup #venturecapital
American Express cardholders spend billions on dining out, food and wine experiences, and more. Both Tock and Resy offer reservations at top restaurants worldwide. The combined offerings of both platforms are expected to provide access to about 20,000 popular restaurants worldwide.
By acquiring Rock in addition to Resy, American Express expects its high-net-worth cardholders to use their services and swipe their cards or use their contactless payments platform more often, which is expected to help the credit card company register higher growth and revenues.
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