Palm, a portable business identity infrastructure platform serving the 35 million businesses across the United States, has received a strategic investment from Amex Ventures, the corporate venture capital arm of American Express.
The funding will go towards Palm’s ongoing product development, partner integrations, and the broader rollout of its API-driven identity network across financial services and vertical software-as-a-service platforms.
The investment addresses a long-standing structural problem in how business identity is managed. At present, business identity data is scattered across government registries, banks and software platforms, meaning that every time a business applies for credit, onboards to a financial platform or submits a regulatory filing, it must re-submit the same information from scratch. Palm aims to eliminate that duplication by building a single, continuously updated identity record that travels with a business.
The platform connects directly to authoritative data sources across all 50 US states and the Internal Revenue Service, bringing together verification, compliance automation and ongoing monitoring into one service. When a business completes compliance obligations — such as annual reports, registered agent updates or regulatory filings — Palm refreshes the business’s identity record across its network at the same time, ensuring the information stays current rather than becoming stale between verification events.
For financial institutions, FinTech platforms and marketplaces, the model represents a shift away from point-in-time verification towards event-driven monitoring that is linked to real registry changes. Palm says this reduces repetitive re-verification while improving the reliability of the underlying identity data.
Palm co-founder and CEO Alex Goode said, “Most business identity systems are static, but businesses are constantly evolving. Compliance is where identity gets renewed in the real world. Every annual report, every registered agent update, every required filing is a moment where a business confirms who it is. We built Palm so those moments strengthen a living, portable identity that stays current and ready to use — instead of asking businesses to start from zero each time.”
Palm co-founder and COO Connor Patterson said, “Businesses have an inherent right to an accurate, accepted identity. The institutions that serve them are recognizing that identity can’t stay fragmented. That’s what we’re building, and this investment from Amex Ventures supports our business model.”
Amex Ventures managing director Margaret Lim said, “Accurate and portable business identity will be foundational to the future of financial services. Palm is addressing a critical gap by connecting verification and registration compliance in a way that benefits both businesses and the institutions that serve them.”
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