AMEX pools $100m for Silicon Valley venture deals


New York-based credit card giant American Express (AMEX) is seeking acquisitions in Silicon Valley to aid its expansion in the digital commerce sector, and is setting up an office in the technology hub to oversee the project.

According to Reuters, AMEX plans to invest $100m in growth businesses and other companies in order to develop its services in areas such as mobile and online payment management, loyalty and rewards, data analysis, and security and fraud detection.

The new office will be managed by former head of Motorola Mobility Ventures executive Harshul Sanghi, who is looking to appoint a team of between 30 and 50 people within the next two years to spearhead deals and aid entrepreneurs in the venture.

Copyright © 2011 AltAssets