Mary Ann Azevedo covers startups and technology on Crunchbase News.
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American Express (also commonly known as AmEx), a popular banking and credit company, recently announced that it bought a company called Resy. Resy it helps people get seats at restaurants, or as AmEx describes it, offers “a digital platform for restaurant reservations and management.”
The deal might not be as big of a surprise as it sounds, given that the two have worked together since at least the start of 2018.
As a private company, the five-year-old Resy raised a total of $ 45 million over his lifetime, according to his Crunchbase profile. Its investors include Lerer Hippeau, Airbnb and Slow Ventures. Resy was co-founded by Ben Leventhal, co-founder of Eater, which produces food news and food guides. The startup is primarily focused on the United States, but also has a presence in the United Kingdom, Europe, Canada and Australia.
In a press release, AmEx said the goal of the acquisition was to enhance its ability to help cardholders access “new, remarkable and hard-to-get in restaurants around the world, as well as to help restaurant businesses grow and prosper. ” He also noted that it is the latest purchase in a series of recent purchases “in the food, travel and lifestyle space.”
However, since this is Crunchbase News, let’s see what else we can find out about what AmEx is up to.
Swipe for all startups
AmEx has been on a shopping spree as of late. In March, we reported on the purchase of LoungeBuddy, a former partner who assisted travelers with feedback from various airport lounge areas. Also this year, AmEx acquired Pocket Concierge, a firm that we wrote “helps book high demand restaurants and is similar to OpenTable.”
The following table shows the details of American Express. known acquisitions in the last decade, as reported by Crunchbase:
The table tells us two things:
- AmEx is not a company with a history of purchasing from many companies. For a company of its value ($ 98.3 billion), buying a few companies a year is more than manageable. And often, American Express hasn’t even done that. In fact, in five of the last 11 years, AmEx bought zero known companies.
- AmEx has picked three companies according to Crunchbase data this year. That’s a record, and it’s only May.
So there could be a change in the wind at the credit card giant. (And if so, I suspect there are some fair companies reviewing AmEx results that would love to join forces.)
A different checkbook
AmEx also has a company arm, creatively called American Express Ventures. That means you interact with young tech stores while they are independent and when they are ready to be picked up.
American Express Ventures has made 54 known investments, according to Crunchbase, including 13 led rounds. Unsurprisingly, the company’s most popular startup categories to invest in are fintech, financial services, and e-commerce. AmEx puts money to work where it also plays.
And that’s it for now, but we have our eyes open. If American Express buys something else, we will let you know, especially if you are a founder of fintech.