American Express has reached an agreement to acquire AI expense management company Hyper, which it said will boost its capabilities to build AI solutions for its commercial customers.
Financial terms of the acquisition were not disclosed. Amex expects to close its acquisition of Hyper in the current quarter, pending closing conditions.
Backed by investors including OpenAI CEO Sam Altman, former Mastercard CEO Gene Lockhart and Netflix co-founder Mark Randolph, Hyper launched in 2022 and has developed AI agents that can auto-categorize and file expenses, check expenses against budgets and policies and send users reminders when submissions are due, according to the company.
The acquisition brings Amex "a team with great expertise in designing and deploying AI agents as we built next-generation AI capabilities into our products and services, including our expense management platform later this year," Amex group president of global commercial services Raymond Joabar said in a statement
American Express last year acquired payment and expense technology provider Center, and last month the company said it would open its new expense platform to select customers this summer.
The company already has been working with Hyper, and in 2024 Hyper launched a consumer card for companies to offer their employees on the Amex network. The card integrates employees perks so that they could more easily take advantage of company offerings such as gym memberships, meal stipends and transportation reimbursement.