American Express quietly acquired UK fintech startup Cake for $13.3M

Cake Technologies, the U.K. fintech startup that wanted to make it more convenient to pay your restaurant or bar bill, has been acquired by American Express — as the credit card behemoth plans to beef up its payment options for Amex members.
According to sources the deal quietly completed in October last year for a final price of $13.3 million (approx. £10.1m). However, due to an eleventh-hour preferential debt round and after fees, only some shareholders made a profit. I also unders