American Express has announced today that they have signed an agreement to acquire Resy which is the digital restaurant reservation and management platform.
Amex's acquisition of Resy
American Express says that their acquisition of Resy builds on their growing suite of digital services that extend beyond traditional rewards and points, to provide card members with access to more types of things.
For those of you not familiar with Resy, they're a competitor to OpenTable. So if a restaurant is not bookable on OpenTable, it may very well be bookable with Resy. Resy works with 4,000 restaurants in 154 US cities and 10 countries, and seats more than 2.6 million dinners per week.
Expected that this acquisition will be completed in the summer of 201
American Express' SVP or Global Loyalty and benefits had the following to say about this acquisition:
"Resy was created to both people who love dining out with new, notable and hard to get into restaurants across the globe, as well as help restaurants" businesses grow and thrive . Similarly, American Express has strong relationships with premium dining partners and restaurants across the globe, and provides our Card Members with access to incredible dining experiences through our exclusive benefits and programs. We look forward to working with the Resy team to continue to grow the Resy digital platform, and develop new ways to further connect our Card Members and restaurant partners through unique access and experiences. ”
t “American Express is a brand that we have admired and sought to partner with from our inception. There are myriad points of synergy between Resy and American Express that we look forward to pursuing together in the name of creating an end-to-end global dining platform that thrills both diners and restaurants alike. As it does today, Resy will continue to focus on delivering world-class hospitality software to our amazing restaurant partners, connecting diners to insider experiences, and reimagining the future of dining. ”
Amex says that after the acquisition is complete, Resy will take care of the same management, and their current booking and management services will continue to be offered.
My take on Amex's acquisition of resy
About the past few years we have seen credit card issuers get into war of sorts when it comes to rewards points. We are seeing bigger and bigger bonuses, and on some level it is just as sustainable as offering more points.
So card issuers are increasingly looking for different ways to differentiate themselves. This can include access to experiences and other rewards.
While a credit card company takes over a dining booking platform may seem odd, I can see the logic of this. Amex will be able to work with Resy to offer cardembers access to exclusive tables, and will also be able to better integrate the booking platform into their app, website, etc.
At the beginning of 2019 Capital One and Resy launched a partnership , which should give you a sense of what a credit card company could be trying to accomplish here. With this partnership, Capital One cardmembers had early access to off-menu week restaurants in various cities, and cardmembers also had access to extra reservations during peak times.
I think it's safe to say that partnership is ending soon.
What do you do about Amex's acquisition of Resy?