Why American Express Wants to Buy TheFork: New Cardmembers
American Express's acquisition of TheFork goes beyond simple dining reservations, aiming to capture spending data and attract new cardholders.
Stock photo for illustration only, not from the actual event
- American Express is set to acquire TheFork from Tripadvisor for $700 million.
- The deal uses dining reservation platforms as a strategic customer-acquisition engine.
- TheFork will remain a standalone European brand to preserve local trust and equity.
- Strong Q2 momentum includes a 22% increase in travel bookings year-over-year.
By acquiring TheFork, American Express is not merely adding a collection of dining reservation bookings to its portfolio. Instead, the financial giant is capturing valuable data regarding discretionary spending, expanding its international footprint, and creating a powerful incentive to entice nonmembers into becoming cardholders.
Should the pending transaction to acquire Europe's largest dining reservations platform close later this year as anticipated, TheFork will join Amex's existing dining assets, Resy and Tock, forming a robust trio of restaurant-booking platforms under the Amex umbrella.
During Amex's second-quarter earnings call last Friday, CEO Stephen Joseph Squeri noted that all three reservation platforms remain open to non-card members as well. He emphasized that this open-access model becomes extremely useful from a customer acquisition perspective, as the company can deploy special offers within those platforms specifically tailored to convert casual users into cardholders.
Stock photo for illustration only, not from the actual event
Financial institutions increasingly recognize that proprietary diner intent data is vastly superior to standard transaction histories alone. By understanding where premium consumers choose to dine and how they plan their leisure activities, Amex can identify high-spending individuals early in their consumer journey and seamlessly transition them into premium cardmembers with targeted rewards and financial products.
Interestingly, while Amex plans to deeply integrate U.S.-based platforms Resy and Tock, the company intends to keep TheFork operating as a standalone European brand, signaling a strategic intent to preserve local brand trust and equity. This major acquisition aligns with Amex's broader positive momentum, highlighted by a 22% year-over-year surge in Q2 travel bookings that outpaced overall consumer spending growth. Consequently, Amex has raised its full-year revenue guidance to 10% and plans to reinvest outperformance into growth initiatives, including unplanned technology investments tied directly to this purchase.
Source: Skift
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