Confirmed: Amex Paid $13.3 Million USD to Acquire Digital Payments Startup Cake Technologies

In a transaction last year, credit card giant American Express acquired U.K. digital payments startups Cake Technologies, the global financial firm recently confirmed.

Though the deal was completed in October 2017, reportedly for $13.3 million USD, it is just being revealed now by TechCrunch. In a statement to TechCrunch, a spokesperson for Amex confirmed the transaction.

“Last year American Express acquired Cake Technologies,” stated the firm. “This year, we will be on-boarding Cake and their technologies to collaborate on ways to provide our card members with enhanced service and value in the dining space, which is an area many of our card members are passionate about.”

Cake Technologies has looked to establish itself as a payments solution catering to the restaurant sector.

Amex, which reportedly was ready to acquire the firm earlier last year before pulling an offer then eventually coming back to the table, is said to see Cake’s promise as a valuable add to its growing portfolio of digital payment options for its cardholders.

(Photo credit: yannickmcosta / Pixabay)

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