American Express Buys Tock to Pursue Customers Shelling Out on Dining

The credit card giant American Express has acquired Tock, a restaurant reservation and event management company, from the digital commerce platform Squarespace for $400 million. The purchase of the reservation system in an all-cash deal shows that American Express is continuing its pursuit of the market for dining-related services. American Express had previously acquired Resy, a rival of Tock, in 2019 as it recognized the significant spending of its customers on eating out. American Express sees restaurants as one of the largest spending categories within travel and entertainment, with $100 billion in transactions expected in 2023. Tock, founded in 2014 by Nick Kokonas, offers prepaid reservations and deposits and has around 7,000 participants. With the acquisition, American Express aims to provide Tock and its restaurant partners access to a broader network of diners. American Express also announced the acquisition of Rooam, a platform for contactless payments used in various venues. The financial details of the Rooam acquisition were not disclosed.