American Express has acquired Cake Technologies, a U.K.-based mobile payment technologies provider, for $13.3 million.
The deal, which was never publicly announced, was officially completed last October, TechCrunch reported today. Cake will allow payments provider Amex to expand its payment options to cardholders.
American Express told TechCrunch in a statement today:
Last year, American Express acquired Cake Technologies. 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.
Prior to its acquisition, Cake’s mobile payment technology was aimed at bars and restaurants, seeking to eliminate cash payments, while also driving more data (and revenue) to these businesses. The startup was founded in 2015. The company’s co-founders now hold vice president and director titles at American Express.
Read more at TechCrunch and Crunchbase.