JPMorgan Chase is buying the Infatuation, a restaurant discovery platform that shares reviews and recommendations on where to eat.
The acquisition will include the Infatuation’s entire business, including Zagat, which the company purchased in March 2018. The bank didn’t disclose the price of the deal.
The news was first reported by the Wall Street Journal.
America’s biggest bank is buying the company as restaurants shuffle to adapt and stay afloat through the Covid-19 pandemic. It’s an unusual move for a bank to get into publishing, but the Infatuation’s focus aligns with JPMorgan’s recent push to attract high-end customers who spend heavily on dining out.
The Infatuation currently has a presence in 50 cities across the United States and abroad and connects with consumers through its website, mobile app, live dining events and a bi-coastal food festival called EEEEEATSCON.
Through this partnership, the bank will look for opportunities to provide “perks” for Chase card holders, a spokesperson for JPMorgan told CNN Business. These perks could potentially include giving customers special access to The Infatuation’s content or experiences, the spokesperson added.
“We’ve long admired The Infatuation’s fresh approach to reaching people with relatable content that inspires new ways to experience life through food and drink,” Marianne Lake, co-CEO of consumer and community banking at Chase, said in a press release. Lake added that the company is looking forward to “building on our complementary missions of connecting people to experiences around a shared passion for dining.”
The Infatuation, which was founded in 2009 by Chris Stang and Andrew Steinthal, has collaborated with JPMorgan Chase in the past. Most recently, the company teamed up with Chase Sapphire to provide 20 grants of $50,000 each to small, independent US restaurants for Covid-19 pandemic recovery assistance.
“This partnership with JPMorgan Chase (JPM) provides an incredible opportunity for us to engage with more people around the world,” Stang said.