Global financial services company American Express has revealed plans to invest USD 100 million to fund early stage digital commerce startups. The investment is set to be completed over the next few years.
According to the company’s press release, the digital commerce initiative will be managed out of its newly established office in Silicon Valley. American Express has appointed Harshul Sanghi, the current vice president of the company’s Enterprise Growth Group, to handle the fund.
American Express plans to invest in companies focused on serving critical parts of the digital commerce experience, including loyalty and rewards, mobile and online payment management, fee-based services, security and fraud detection and data analysis, according to media outlet marketwatch.com.
Until now, American Express has entered payment agreement with Foursquare, a social network website, Zynga, a US social network game developer and Facebook. In addition, the company revealed plans to join forces with ISIS, a mobile payment joint venture between US telecommunication companies Verizon, AT&T and T-Mobile US.