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American Express to Acquire Lending firm Kabbage

18Aug By AnkitaNo Comments

ACQUISITION

American Express to Acquire Lending firm Kabbage

NEW YORK, 18th Aug 2020-- American Express ( NYSE: AXP ) announced that it has entered into an agreement to acquire Kabbage, a leading financial technology company providing cash flow management solutions to small businesses in the U.S. The transaction represents an important step toward the American Express goal of being an essential partner to small businesses through a broad range of payment, cash flow, and financial management tools. Under the terms of the agreement, American Express will acquire Kabbage’s team and its full suite of financial technology products, data platform and IP built for small businesses. Kabbage’s products include access to flexible lines of credit, online bill payment, cash flow visualization tools, e-gift certificates, and the ability to centralize f...

13Nov By Gauri SinghNo Comments

INDIA

Visa, Mastercard and American Express May Have to Pay Tax in India

International payment companies like Visa, Mastercard and American Express now may have to pay around 15% tax on their India income. This may happen as they set up servers locally to comply with a central bank directive on data storage. The Reserve Bank of India had ordered payments companies to locally store data on all transactions taking place within India from October 15. Visa, Mastercard and American Express mentioned that they had taken steps to comply with the regulation. At present, all these companies are out of the tax net in India, as they do not have a ‘permanent establishment’ in the country. The companies work and offer their services here through offices in jurisdictions such as Singapore and store data on servers located in countries like the US and Ireland. As soo...

29Mar By Sheldan RungasamyNo Comments

News

BillDesk Looking to Sell For $2 billion

BillDesk, a payments gateway is looking to sell its company as the company’s private equity investors want to leave the company due to an overall growing interest of investing in payments market, according to reports. Those investors include private equity companies TA Associates and General Atlantic and venture capital firm Clearstone Venture and government held Singaporean company Temasek Holdings. BillDesk has already contacted three potential buyers in the name of PayU, American Express and PayPal but refused to sell the company below their asking price, which stands between $1.5-2 billion. A price that none of the above-mentioned companies is ready to meet and all three deals fell through due to valuation disagreements. BillDesk decided to keep operating independently until and unl...

American Express Acquires India’s Travel Assistant App Mezi For $150 Million

30Jan By NitishNo Comments

ACQUISITION

American Express Acquires India’s Travel Assistant App Mezi For $150 Million

American Express today said it has acquired Mezi, a personal travel assistant app that helps consumers plan and book trips. The deal size is around $125-150 million. This is the record acquisition in the history of Indian startups. Founded in 2015 by twin brothers Swapnil Shinde and Snehal Shinde, Mezi will now operate as a wholly-owned subsidiary of American Express. Mezi, which is also backed by Nexus Venture Partners, uses artificial intelligence (AI) and human expertise to personalise online travel discovery and booking experience. "Mezis AI-powered experience opens up exciting new ways for us to connect with and serve our card members and creates opportunities for us to build more meaningful relationships with them," Phil Norman, vice president of American Express Digital Lab...

24Oct By AnkitaNo Comments

FUNDING

Ratan Tata And American Express Join Series A Funding Round Of Digital Currency Start-Up Abra

MOUNTAIN VIEW, CALIFORNIA – Abra, the company changing how people use cash and their smartphones to send and receive money around the world, announced that the Abra app will be available to all registered users in the US and Philippines in the coming weeks, with more countries to follow soon. The company also announced their entry into online, digital cash-based merchant payments. In addition, Abra announced that Ratan Tata, the Chairman Emeritus of Tata Sons, and American Express have made strategic investments in Abra as part of the recently-announced Series A round. These are the first investments in the crypto currency world for both American Express and Ratan Tata. “As people and businesses transact more globally, there’s a need for more convenient and affordable w...