American Express will invest $ 100 million in e-commerce

The Credit-card giant - company American Express - has established a fund of $ 100 million for investing in startups working in the field of electronic commerce.

The American Express shares the position of their competitors – the Visa and MasterCard, assuming that the payments industry today is undergoing fundamental change as the trade has moved online. To protect themselves from the onslaught of PayPal or Google, and other new players, the American Express has acquired the Revolution Money startup last year. This is a platform for receiving of online payments and electronic commerce which was later renamed to “Serve”.

The company has also taken several other steps towards the development of electronic commerce. So, Amex has signed an agreement with Facebook, with a development patent to the system and method of use of the mechanisms of loyalty as a currency, the operator has invested in the mobile payments provider Payfone and purchased virtual currency Sometrics.

Now the American Express has promised to implement its own long-term initiative in the electronic commerce. The purpose is to settle in a new niche and develop innovative technologies that would help companies to adapt to the actual needs of the online community and get a positive effect on the growth of client base around the world. The American Express has opened office in Silicon Valley for this purpose. The Harshul Sangha (Harshul Sanghi) has been appointed as a managing partner and will oversee the company's new initiative. Prior to that, Mr. Sangha was one of the founders of the company and Motorola Mobility Ventures.

14 December 2011
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