Amex to Invest $100 Million in E-Commerce Startups
Nov. 14, 2011
American Express plans to invest $100 million over the next several years, focusing on early stage startups in the digital commerce space. The New York City-based company will invest in companies focused on serving different areas of the digital commerce experience, including loyalty and rewards, mobile and online payment management, fee-based services, security and fraud detection and data analysis. “The payments industry is undergoing a fundamental change as the very nature of commerce is redefined,” said Harshul Sanghi, who, as the newly minted managing partner of American Express’ Enterprise Growth Group, been tasked to lead the initiative. “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.” Previously, Sanghi ran Motorola Mobility Ventures.