Ground transportation platform HQ has received an investment from Amex Ventures, the corporate venture capital arm of American Express focused on early-stage investments across fintech, commerce and enterprise software.
The amount of funding is not being disclosed, but the company said it will go towards enhancing HQ’s mobility platform such as its fintech and payment solutions. In addition, the investment will help the company develop “next-generation payment and expense management solutions,” according to a statement.
HQ, which targets businesses of all sizes with its booking, billing and payment technology, also said it wants to boost its existing artificial intelligence and machine-learning capabilities across its research and development team.
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“We are thrilled to announce our latest funding round with Amex Ventures, which builds momentum for our vision of corporate mobility and our potential for long-term growth,” said Amiad Solomon, co-founder and CEO of HQ.
“With Amex Venture’s strategic investment, we will focus on enhancing our fintech and payment solutions within our platform alongside market expansion. This funding positions us to better accelerate our technological development and deliver even greater value to our customers. I am excited for the road ahead as we evolve, expand, and re-envision business travel from the ground up.”
And Margaret Lim, managing director at Amex Ventures, said: “We are excited about HQ’s mission to modernize the end-to-end ground transportation management experience for businesses around the world, and we look forward to helping them grow.”
Amex Ventures has previously made strategic investments in a number of travel and travel-related companies including Selfbook and Sensible Weather.
PhocusWire recently discussed its approach to startup investment in travel with Lim’s colleague Kevin Tsang, also a managing director within the corporate venture capital unit.
He said the company is focused on “early stage startups with seed, Series A or Series B funding because we are looking for new innovations and areas to test in.”
“We’re trying to find startups that are offering new services in the market and using technology to make those experiences better and combine that with where American Express is or could be in the future,” he shared.