AmEx Ventures Backs Mobile Rewards Startup Kiip

American Express Ventures has made a strategic investment in San Francisco-based mobile rewards startup Kiip, TechCrunch reported on August 15.

The move comes less than a month after Kiip received $11 million in Series B funding. The media outlet said Relay Ventures led this round.

“As Kiip expands into more verticals, becoming even more integrated into peoples’ lives beyond gaming, we have evolved beyond media and advertising into a company that builds value into every moment,” Klip CEO Brian Wong wrote in a blog post, according to TechCrunch.

For more on how the move benefits American Express, click here.

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