American Express acquires Sam Altman-backed Hyper to deploy AI agents for expense management

AmEx to buy Altman-backed Hyper in push for AI-powered expense tools

April 16 (Reuters) - Credit card giant American Express (AXP.N), opens new tab said on Thursday it would buy Hyper, an artificial intelligence-focused expense management startup backed by OpenAI Chief Executive Sam Altman. The deal underscores how large financial firms are racing to bring AI into core business software, especially in areas such as expense management where manual work, compliance checks and repetitive approvals can be automated. In a ⁠letter to shareholders last month, AmEx CEO Stephen Squeri said AI was creating a "structural shift" in how businesses operate. The purchase could strengthen AmEx's efforts to offer more automation tools to commercial clients, and position it well in the corporate spending market. Financial terms of the deal were not disclosed. Founded in 2022, Hyper develops AI agents that can categorize ⁠expenses, file reports, check them against budgets and company policies and send submission reminders. The company touts Altman as an investor. It had partnered with AmEx in 2024 to launch a ⁠credit card. AmEx said the latest deal was expected to close in the second quarter of 2026. AmEx, which has been looking to ⁠ramp up its presence in the commercial space, launched a new commercial credit card last month with cashback rewards ⁠and other perks for an annual fee of $295. It also plans to introduce another card later this year. Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar Our Standards: The Thomson Reuters Trust Principles., opens new tab

Amercian Express to buy Altman-backed Hyper in push for AI-powered expense tools

American Express is set to acquire Hyper, an artificial intelligence expense management startup. This move highlights the growing trend of financial firms integrating AI into their core software. The acquisition aims to boost AmEx's automation tools for business clients. Hyper's AI agents can manage expenses, file reports, and check against budgets. Credit card giant American Express said on Thursday it would buy Hyper, an artificial intelligence-focused expense management startup backed by OpenAI Chief Executive Sam Altman. The deal underscores how large financial firms are racing to bring AI into core business ⁠software, ⁠especially in areas such as expense management where manual work, compliance checks and repetitive approvals can be automated. In a letter to shareholders last month, AmEx CEO Stephen Squeri said AI was creating a "structural shift" in how businesses operate. The purchase could strengthen AmEx's ⁠efforts to offer more automation tools to commercial clients, and position it well in the corporate ⁠spending market. Financial terms of the deal were not disclosed. Founded in 2022, Hyper develops AI agents that can categorize expenses, file reports, check them against budgets and company policies and send submission reminders. The company touts Altman as an investor. It had partnered with AmEx in 2024 to launch a credit card. AmEx said the latest deal was expected to close in the second ⁠quarter of 2026. AmEx, which has been looking to ramp up its presence in the commercial space, launched a new commercial credit card last month with cashback rewards and other perks for an annual fee of $295. It also plans to introduce another card later this year.

Amex Acquires Hyper to Boost AI and Expense Management Offerings | PYMNTS.com

By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions. The deal, announced Thursday (April 16), is designed to add to American Express' artificial intelligence expertise across its commercial services business, with Hyper's team helping Amex build agentic and AI-powered automation tools for businesses. "Our customers want smarter, more efficient ways to manage expenses so they can focus on what's next for their business, and AI has the potential to transform the way businesses get things done," Raymond Joabar, group president of Global Commercial Services at American Express, said in a news release provided to PYMNTS. "We're thrilled to welcome Hyper, a team with deep expertise in designing and deploying AI agents, as we build next-generation AI capabilities into our products and services, including our expense management platform launching later this year." Founded in 2022, Hyper focuses on using AI agents to turn expense management from a manual to more autonomous process. These agents, the news release added, can "auto-categorize and file expenses, check them against budget and policy, and send reminders that submissions are due." Hyper teamed with Amex in 2024 to launch the Hypercard Rewards American Express card with embedded AI-powered expense agents employing the Agile Partner Platform. In related news, American Express announced this week that it would extend its customer protection to registered AI agent purchases. That means the company's Agent Purchase Protection will protect eligible customers from charges related to AI agent error if the card member has allowed an AI agent to make a purchase and that agent sends American Express the customer's authenticated purchase intent, the company said in a news release. PYMNTS wrote last year about the way AI was helping businesses move past the use of manual systems for things like accounts payable (AP) work. These manual systems are error prone and can "slow payments, obscure cash flow, hinder spend management and heighten fraud exposure," that report said. Automation with AI technology has begun to emerge as an answer -- not only speeding invoice workflows but also allowing data-driven financial decisions at scale. "While adoption is growing, with nearly three-quarters of organizations using AI in AP, automation maturity remains modest, leaving many manual steps in place. Trust is essential to achieving full automation maturity," that report added. "Teams that succeed on this point stand to transform AP into a strategic advantage, unlocking real-time visibility, stronger control and smarter working-capital decisions."

AmEx to buy Altman-backed Hyper in push for AI-powered expense tools

Credit card giant American Express said on Thursday it would buy Hyper, an artificial intelligence-focused expense management startup backed by OpenAI Chief Executive Sam Altman. The deal underscores how large financial firms are racing to bring AI into core business software, especially in areas such as expense management where manual work, compliance checks and repetitive approvals can be automated. In a letter to shareholders last month, AmEx CEO Stephen Squeri said AI was creating a "structural shift" in how businesses operate. The purchase could strengthen AmEx's efforts to offer more automation tools to commercial clients, and position it well in the corporate spending market. Financial terms of the deal were not disclosed. Founded in 2022, Hyper develops AI agents that can categorize expenses, file reports, check them against budgets and company policies and send submission reminders. The company touts Altman as an investor. It had partnered with AmEx in 2024 to launch a credit card. AmEx said the latest deal was expected to close in the second quarter of 2026. AmEx, which has been looking to ramp up its presence in the commercial space, launched a new commercial credit card last month with cashback rewards and other perks for an annual fee of US$295. It also plans to introduce another card later this year.

AmEx to buy Altman-backed Hyper in push for AI-powered expense tools

April 16 (Reuters) - Credit card giant American Express said on Thursday it would buy Hyper, an artificial intelligence-focused expense management startup backed by OpenAI Chief Executive Sam Altman. The deal underscores how large financial firms are racing to bring AI into core business software, especially in areas such as expense management where manual work, compliance checks and repetitive approvals can be automated. In a letter to shareholders last month, AmEx CEO Stephen Squeri said AI was creating a "structural shift" in how businesses operate. The purchase could strengthen AmEx's efforts to offer more automation tools to commercial clients, and position it well in the corporate spending market. Financial terms of the deal were not disclosed. Founded in 2022, Hyper develops AI agents that can categorize expenses, file reports, check them against budgets and company policies and send submission reminders. The company touts Altman as an investor. It had partnered with AmEx in 2024 to launch a credit card. AmEx said the latest deal was expected to close in the second quarter of 2026. AmEx, which has been looking to ramp up its presence in the commercial space, launched a new commercial credit card last month with cashback rewards and other perks for an annual fee of $295. It also plans to introduce another card later this year. (Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar)