The news: American Express will acquire TheFork from TripAdvisor for $700 million in cash, per a press release.

This acquisition broadens Amex’s footprint in Europe: TheFork holds 50,000 listed eateries across 11 countries on its booking platform.

How we got here: Amex has expanded its dining presence in the US and abroad to compete with other premium cards like Chase Sapphire Reserve and Citi Strata Elite. 

• It acquired Tock and folded its offerings under its Resy platform. 
• It made Resy discoverable on Anthropic’s Claude.
• And it teamed up with Toast to offer enhanced personalization for diners across Tock, Resy, and Toast-supported restaurants.

Why this matters: Amex bought its way into a bigger dining footprint in Europe, driving up its value for US cardholders travelling abroad and for international cardholders. 

This positions Amex to tap into one of its biggest growth engines: International card volume growth has hit double digits for the past three quarters. Amex also recently invested in deeper payments infrastructure in Asia-Pacific; as that network grows, similar dining investment in other regions may follow suit. 

This also plays well with Amex’s largest source of account openings: 65% of its global new accounts were millennials or Gen Zers, who place a premium on experiential rewards like travel and dining. Giving cardholders more opportunities to book reservations abroad on the Resy platform could unlock more card volume for Amex at more exclusive and more expensive restaurants.

Implications for issuers: Issuers can maximize spend by expanding dining offerings to popular travel destinations promoted on their travel portals. Members benefit from having their cards unlock memorable lodging and dining curated by their providers—and frictionless experiences encourage more travel spend indulgence.

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