Capital to fund sectors including loyalty, rewards, security, mobile payments and more.
Credit card firm American Express says it will invest $100 million into digital commerce startups, helping them to develop innovative technologies in order to strengthen its global reach into the digital market.
Dan Schulman, group president, enterprise growth, American Express, said: "As we enter the next chapter in our history, we recognise the need to work with emerging technology companies to inspire change, encourage innovation, and ultimately deliver the best products and services to our customers."
The new project will run out of the firm's new Silicon Valley office lead by newly appointed managing partner, Harshul Sanghi whi made the move from Motorola.
AmEx claims it will invest in companies that are determined to serve the market and enhance the experience as sectors include:
* Loyalty and rewards
* Mobile and online payment management
* Fee-based services
* Data analysis
* Security and fraud detection
Advertisement
Security will likely prove to be a key feature. Of consumer revervations for using digital commerce they tend to point to security as an issue worrying that personal details can be accessed making them victims of hackers.
Sanghi says: "The payments industry is undergoing a fundamental change as the very nature of commerce is redefined.
"We believe our global network of businesses and consumers, international employee base, world-class customer service and data analytics will provide a significant advantage to potential portfolio companies."
This development comes following AmEx's Serve platform, a digital wallet that connects multiple accounts such as debit and credit cards into one single account.
Add a new comment
You need to be logged in to post comments. If you do not have an account then please register.
Comments
0 comments
There are no comments yet, be the first to add one!