MICROCAPITAL BRIEF: American Express to Support Financial Inclusion in USA Through Technology Startups, Research, Film

American Express, a US-based multinational financial services company, recently announced three initiatives that aim to encourage financial inclusion in the United States. The initiatives include:

• The establishment of a program in collaboration with American Express Ventures, a venture capital fund that American Express launched in 2011, to fund early-stage technology startups that are working towards improving financial inclusion in the USA by providing greater access to capital, developing new credit-building models, enhancing personal financial management and promoting savings.

• The setup of a Financial Innovation Lab to create collaborative opportunities for researchers, technologists and counselors   to focus on finding solutions to problems in the areas of savings and credit building.

• The sponsorship of a documentary film, “Spent:Looking for Change,” that will highlight how technology can address the issues faced by approximately 70 million unbanked Americans.

American Express Ventures funds startup businesses worldwide that work in digital commerce and financial inclusion.

As of December 2013, American Express reports total assets of USD 153 billion and 107 million active payment cards.

By Tejas Jain, Research Associate

About American Express

American Express, established in 1850, is a US-based multinational financial services company that is headquartered in the city of New York. It provides payment, travel and expense management solutions to individuals and businesses. As of December 2013, American Express reports total assets of USD 153 billion and 107 million active payment cards.

Sources and Additional Resources:

American Express, ”American Express Announces New Initiatives to Support Startups and Research Focused on Improving Financial Inclusion in the U.S.,”
http://about.americanexpress.com/news/pr/2014/amex-startups-research-financial-inclusion.aspx

Documentary, “Spent: Looking for Change,”
www.spentmovie.com

MicroCapital Brief, February 25, 2014, “Inter-American Development Bank (IDB), MasterCard Partner to Support Financial Inclusion, Transparency in Latin America, Caribbean,”
https://www.microcapital.org/microcapital-brief-inter-american-development-bank-idb-mastercard-partner-to-support-financial-inclusion-transparency-in-latin-america-caribbean/

MicroCapital Brief, January 27, 2014, “Citigroup, Overseas Private Investment Corporation (OPIC) Lend $10m to Bank of Georgia to Support Financial Inclusion of Micro-, Small Enterprises (MSEs),”
https://www.microcapital.org/microcapital-brief-citigroup-overseas-private-investment-corporation-opic-lend-10m-to-bank-of-georgia-to-support-financial-inclusion-of-micro-small-enterprises-mses/

MicroCapital Brief, July 23, 2007, “American Express Cardholders Put Grameen Foundation in the Top 25 of the American Express Members Project Contest,”
https://www.microcapital.org/microcapital-story-american-express-cardholders-put-grameen-foundation-in-the-top-25-of-the-american-express-members-project-contest/

MicroCapital Universe Profile: American Express
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=American+Express

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