Harshul Sanghi, recently appointed Managing Partner of American Express‘ Enterprise Growth Group, will spearhead a $100 million initiative that will invest in early stage digital commerce startups.
American Express’ aggressive moves in this space are aimed at developing innovative technologies to accelerate its digital transformation and strengthen connections to customers around the world.
American Express’ digital commerce initiative will invest in fledglings working on digital commerce initiatives centered around loyalty and rewards, mobile and online payment management, fee-based services, security and fraud detection and data analysis.
Like other payment vendors, American Express has been kicking the digital tires around and has launched a few initiatives like the Serve digital wallet. But with PayPal strongly entrenched in the online payments space we doubt Amex has got anything to crow about. And from what we’ve read about Serve, we’re not impressed and doubt it’ll go anywhere.
Amex’ digital commerce initiative will be managed out of its newly established office in Silicon Valley.
By the way, Sanghi was previously Managing Director of North American venture activities for Motorola Mobility and has a background in working with early startups.