American Express buys restaurant reservation service Resy
NEW YORK — American Express is buying the online reservation startup Resy, the latest move by AmEx to establish and maintain a foothold for its card members in some of the world’s most desired restaurants.
AmEx and Resy declined to disclose the terms of the deal. However, Resy announced it raised $13 million in early 2017 from a group of investors that included Airbnb, valuing the company at around $70 million.
Founded in 2014, New York-based Resy is an online reservation management service. While OpenTable has a bigger market share, Resy often works with more exclusive restaurants that are harder to get into or serve higher-spending clientele.
Resy’s clientele are similar to AmEx’s card members, who tend to be wealthier and more apt to spend money dining out.
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