American Express announced its digital
commerce initiative designed to develop innovative technologies that will help
accelerate the company’s digital transformation and strengthen connections to a
growing base of customers around the globe.
American Express plans to invest $100 million, focusing on early stage startups in the digital
commerce space.
“As we enter the next chapter in our
history, we recognize the need to work with emerging technology companies to
inspire change, encourage innovation, and ultimately deliver the best products
and services to our customers,” said Dan Schulman, group president, Enterprise
Growth, American Express.
American Express’ digital commerce
initiative will be managed by Harshul Sanghi, managing partner, Enterprise
Growth Group at American Express. Sanghi previously ran Motorola Mobility
Ventures. He brings a deep understanding of the venture community, as well as
extensive expertise in identifying and working with promising early startups.
“The payments industry is undergoing a fundamental
change as the very nature of commerce is redefined,” said Sanghi.
Its 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.
American Express’ digital commerce
initiative will look to make such investments 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.
By Telecomlead.com Team
