American Express is Buying Reservation App Resy

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The financial services corporation American Express announced today that it will be buying the restaurant reservation booking platform, Resy.

In a move to offer more restaurant perks to its customers, the credit card company has been adding to its portfolio by acquiring different hospitality services.

Some of American Express's latest acquisitions include the travel-assistant app Mezi and LoungeBuddy, an airport-lounge booking service.

“American Express wants to be more central in our customers’ everyday lives,” said Chris Cracchiolo, American Express’s senior vice president for global loyalty and benefits to "New York Times."

Resy, which has emerged as a rival to OpenTable, has 4,000 restaurants on its platform and is used in 10 countries.

Last November, Resy acquired Reserve, another reservation company.

Before that, Resy was on an acquiring spree and bought ClubKviar, a reservation service in Madrid and Barcelona, Spain in April and in 2017, the company also acquired Servy, a market research service.

Resy's revenue has doubled every year for the last four years. According to Foodable Labs data, Resy has the highest Operator Sentiment score out of all the reservation services, meaning operators are much happier with this service versus others.

Now, as part of American Express's portfolio, Resy is expected to grow significantly.

“Putting Resy and American Express together will give Resy valuable scale,” said Ben Leventhal, Resy’s co-founder and chief executive.

Earlier this year, Resy partnered up with the American Express competitor Capital One to release a modern restaurant week and Capital One cardmembers got early access to book reservations during these weeks.

American Express' may now do similar campaigns to promote its dining reward credit cards.

Read more about the impending deal at "The New York Times" now.

Under the American Express' umbrella, Resy is about to become a real threat to OpenTable. Check out the video below to learn more about the restaurant reservations war.