JPMorgan buys The Infatuation restaurant review platform

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The acquisition will include the entire Infatuation business, including Zagat, which the company bought in March 2018. The bank did not disclose the price of the transaction.

The news was first published in the Wall Street Journal.

The largest bank in the United States buys the company as restaurants mix to fit in and stay afloat through the Covid-19 pandemic. It’s an unusual move for a bank to engage in publishing, but the focus of falling in love aligns with JPMorgan’s recent push to attract high-end customers who spend a lot on eating out.
The Infatuation currently has a presence in 50 U.S. and overseas cities and connects with consumers through its website, mobile app, live events, and a bi-coastal food festival called EEEEEATSCON.

Through this partnership, the bank will look for opportunities to provide “benefits” to Chase cardholders, a JPMorgan spokesman told CNN Business. These benefits could include offering customers special access to The Infatuation’s content or experiences, the spokesman added.

“We’ve long admired The Infatuation’s new approach to reaching people with related content that inspires new ways to experience life through food and drink,” said Marianne Lake, co-director of banking for consumption and community of Chase, in a press release. Lake added that the company hopes to “continue to delve deeper into our complementary missions of connecting people with experiences around a shared passion for food.”

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 partnered with Chase Sapphire to provide $ 20,000 grants each to small U.S. independent restaurants to help recover from the Covid-19 pandemic.

“This association with JPMorgan Chase (JPM) it gives us an amazing opportunity to connect with more people around the world, ”Stang said.

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