American Express to Acquire Tock from Squarespace
AMEX card in the middle of a restaurant table full of food

American Express to Acquire Tock from Squarespace

American Express is expanding its dining platform with not one but two acquisitions.

About the acquisitions:

Today, Amex announced that it will be acquiring the restaurant reservation service Tock from Squarespace (who purchased the company in 2021). The purchase is expected to be for $400 million in cash but is subject to closing conditions, customary adjustments, and regulatory approval. Amex also notes that, as part of the deal with Squarespace, the two companies will partner “to deliver additional value to small businesses that use American Express Cards.” In particular, they mention their Amex Offers program as well as other Card Member benefits.

In addition to Tock, American Express also announced that it’s purchasing Rooam. The platform — which has become a technology partner for several restaurants, bars, and entertainment venues — offers mobile payments, point-of-sale integrations, loyalty program systems, and more. Financial details for this acquisition were not disclosed.

These two additions come five years after American Express’s purchase of Resy. According to the company, these acquisitions will bring new capabilities to that service and give restaurant owners more options. Today, Amex has continued to leverage Resy in a number of ways, most recently adding a Resy dining credit to Delta SkyMiles Reserve Card,

What they’re saying:

Commenting on the acquisition of Tock, the company’s head Matthew Tucker stated, “American Express has demonstrated its commitment to the hospitality industry, and we believe that as part of American Express, Tock will deliver enhanced value to our customers through access to a broad network of diners. We appreciate American Express’ recognition of Tock’s exceptional products, experienced team, and our first-rate customer base. We look forward to working together to broaden American Express’ world class dining program and are excited by the tremendous opportunity to continue to innovate on behalf of our customers as part of American Express.” We are also deeply appreciative of Squarespace’s support of Tock’s vision and its commitment to the business over the past three years.”

Speaking on how these businesses will benefit the Resy platform, the company’s CEO and Amex Global Dining VP Pablo Rivero said, “These acquisitions will enhance our dining platform and help us continue to support the industry’s growth.”

As for Rooam, the platform’s co-founder and CEO Junaid Shams said, “We built Rooam to make it easy for restaurants and entertainment venues to use major point of sale providers with other key technology systems crucial to hospitality operations. Combining our capabilities with American Express and Resy will power payments, marketing, and loyalty programs for hospitality providers, bringing together the digital tools they need in one platform.”

My thoughts:

With these acquisitions, it almost seems as though Amex is aiming to be the Square of table service dining systems. Anecdotally, I’ve encountered Tock far more than I have Resy, leading me to believe that this will represent a major expansion for the latter. But, of all the news to come out of the announcement, the tease of Amex and Squarespace partnering on cardholder offerings stood out the most. Considering that Amex regularly refreshes its products and has embraced a model of hiking annual fees while adding various credits to their cards, I would not be at all surprised if a monthly (or yearly) Squarespace credit were to come to one or more Amex cards in the years ahead.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

Chase Marriott Bonvoy Card

Chase Updates Marriott Bonvoy Bold Co-Branded Credit Card

Chase and Marriott Bonvoy have revealed updates to one of their co-branded offerings — alongside a best-ever welcome bonus for the card. About the updated card: The no-annual-fee Marriott Bonvoy Bold credit card has received a fresh update. First, the card will gain a variety of new rewards categories. Bonvoy Bold cardholders can now earn 2x points at grocery stores, 2x on rideshare services, 2x on select food delivery, 2x...
Repair Scrabble tiles with a model home and tools

Lessons From a First-Time Home Buyer: A Warning on "Interest-Free" Home Repair Financing

The unfortunate fact about being a homeowner is that, at some point, you're going to have to pay to repair/replace some expensive items in your house. And while you should try to be as prepared for that as possible, in reality, there are times when an unexpected repair may mean needing to request financing. That way, you can pay off the purchase over time rather than shelling it all out...
"Image displaying the CNBC and Statista logos, featuring a globe highlighting financial data and statistics."

CNBC Names Top 250 FinTech Companies for 2024

The popular financial network CNBC has released its latest list highlighting the top 250 FinTech companies in the world. About the list: To compile this list, CNBC partnered with Statista. Although the companies were nominated by themselves via an application — which included sharing 2023 revenues, year-on-year sales growth rate, and total employee count — Statista conducted analysis on each and considered their key performance indicators (KPIs). Specifically, overarching KPIs...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...