Aussie tech guru, 26, who left Sydney's affluent eastern suburbs to chase his dreams in the US 'sells his startup company for $24MILLION'
- Australian tech entrepreneur is set to make millions after selling his start-up
- Credit card giant American Express has bought digital platform LoungeBuddy
- Zac Altman, 26, who grew up in Sydney, co-founded the company in 2013
An Australian tech entrepreneur has struck a deal with credit card giant American Express that should see the 26-year-old rake in millions.
Zac Altman, who grew up in Sydney's affluent eastern suburbs before venturing to America to chase his business dreams, co-founded LoungeBuddy in 2013.
LoungeBuddy, which is a digital platform that allows travellers to discover, book and access airport lounges worldwide, was bought by American Express this week.
Zac Altman (pictured), who grew up in Sydney's affluent eastern suburbs before venturing to America to chase his business dreams, co-founded LoungeBuddy in 2013
Details of the deal with American Express have not been disclosed, however, when the company was last valued, in 2015, it came in at a staggering $24million (USD$18million), Sydney Morning Herald reported.
Mr Altman was just 20 when he created LoungeBuddy with Tyler Dikman, the company's US chief executive, and Brent Griffith, vice-president of marketing.
The company makes its money by partnering with credit card companies, airlines and through commissions for access to lounges.
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LoungeBuddy was not Mr Altman's first tech start-up attempt. He first created an app called Taxi Pro, which allows users to book taxis across Australia.
Taxi Pro was later bought by Catch of the Day founders Gabby and Hezi Leibovich.
Mr Altman revealed in a podcast in 2016 that his successes did not come overnight.
'I had this naive expectation that things happened overnight. They don't,' he said.
'When you see the behind the scenes of it all, you see it takes grit, determination, and in some respects stubbornness in order to change things.
LoungeBuddy is a mobile app and website that provides a premium airport experience with lounge ratings and reviews
The company makes its money by partnering with credit card companies, airlines and through commissions for access to lounges (stock image)
'The notion of the overnight success is a farce and there are a lot of really hard-working people, a lot of luck, and opportunity that goes into any success.'
American Express' acquisition of LoungeBuddy is expected to be completed in April.
Chris Cracchiolo, Senior Vice President, Global Loyalty and Benefits, American Express said the airport lounge access they offer their premium card members through the Global Lounge Collection was among the most popular travel benefits they offer.
'With the acquisition of LoungeBuddy, we will be able to leverage its cutting-edge platform to develop additional ways to become an essential part of our Card Members' digital lives.
American Express has been partnering with LoungeBuddy since 2017 to provide information in the American Express mobile app for the more than 1,200 airport lounges that Platinum Card and Centurion Members can access through the American Express Global Lounge Collection.
After the acquisition, LoungeBuddy will operate as a wholly-owned subsidiary of American Express under the leadership of its original founders and will continue to develop its technologies and capabilities in digital travel services.
