American Express is set to acquire Tock, a restaurant booking platform previously owned by Squarespace, for $400 million in cash. The move aims to strengthen AmEx's position in the dining sector, where its cardholders spent $100 billion last year.

This acquisition follows AmEx's 2019 purchase of Resy, enhancing access to exclusive restaurant reservations and benefits for its customers.

Tock's integration is expected to expand AmEx's network by 7,000 establishments, facilitating targeted services to premium clientele.

Additionally, AmEx's acquisition of Rooam, a contactless payments platform, underscores its strategy to bolster engagement within the small and medium enterprise market amid a challenging economic backdrop.

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