One of the hottest startups in the world, Foursquare, has scored another win--this time with a nationwide deal with American Express.
The deal will offer American Express cardholders discounts in some shops and restaurants, Jenna Wortham of the New York Times reports.
Amex and Foursquare did a small test at South by Southwest in Austin this spring, and now they're expanding it. According to Amex, cardholders who participated in the SXSW test spent 20% more than cardholders who didn't.
The deal will initially start at a handful of chains and restaurants, including Sports Authority, H&M, and New York restaurants like Union Square Cafe and Blue Smoke. Cardholders who spend $75 at H&M will get a $10 credit to their Amex cards. Spend $50 at Sports Authority, and you'll get $20.
Foursquare didn't disclose how it is getting compensated by Amex. Presumably as a percentage of spending.
Meanwhile, Foursquare just announced that it has 10 million registered accounts. It won't say how many of these are active, which is a legitimate question--many people presumably download the app, try it, and then rarely or never use it. But 10 million is a huge number, especially considering that Foursquare is only two years old.
Read the New York Times article here >
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