American Express to acquire Hyper in AI expense push

American Express has agreed to acquire Hyper, adding the expense management software start-up to its payments business.

Hyper develops AI-based tools for managing business expenses, including software that categorises filings, checks them against budgets and policies, and sends reminders when submissions are due. The acquisition will bring Hyper's team into American Express's commercial services business.

The deal builds on an existing relationship between the companies. In 2024, they worked together on the Hypercard Rewards American Express card, which featured AI expense agents built through American Express's Agile Partner Platform.

Founded in 2022, Hyper has focused on shifting expense administration from manual processing to more automated workflows. The acquisition supports American Express's broader push to use AI across its business products and internal operations.

Raymond Joabar, Group President of Global Commercial Services at American Express, said corporate customers are looking for simpler ways to manage spending.

"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," Joabar said.

He added that Hyper's team would bring specialist expertise in AI agents as American Express develops new tools for customers.

"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," he said.

Existing push

The move fits into a broader strategy outlined by American Express management to use AI in both customer-facing products and internal operations. The company has said it plans to integrate newer AI systems into services designed to help businesses automate processes and operate more efficiently.

For American Express, commercial services are a key part of its effort to deepen relationships with businesses beyond payments. Expense management has become increasingly competitive, with card issuers, finance software companies, and start-ups all trying to offer tools that sit closer to day-to-day corporate spending controls.

That makes Hyper a targeted acquisition rather than a large-scale expansion. Financial terms were not disclosed, but the rationale centres on adding specialist talent and software to a segment that is attracting growing investment in automation and AI.

Marc Baghadjian, Chief Executive and Co-founder of Hyper, said the company would continue pursuing its original goal within American Express.

"We're excited to join the team at American Express and work together to help businesses reduce friction in the expense process through AI technology," Baghadjian said.

"Hyper was founded with the ambition to better automate expenses, and we're excited to continue this mission as a part of the Amex team," he added.

Closing timeline

American Express expects the acquisition to close in the second quarter of 2026, subject to customary closing conditions. Until then, the companies will remain separate organisations, although their existing partnership gives American Express a working knowledge of Hyper's product and team.

The deal also reflects how large financial groups are approaching AI development. Rather than relying solely on in-house research or broad external partnerships, some are acquiring smaller firms with focused products and engineering teams in areas such as customer service, fraud, compliance, and back-office administration.

In Hyper's case, the focus is on expense tasks that often involve repetitive checks, categorisation, and reminders, making them well-suited to software automation. Those functions are expected to help American Express expand the tools it offers business customers through its commercial products.

Founded in New York in 1850, American Express has been investing in technology-led services to strengthen its position with consumers and corporate clients. The addition of Hyper signals a continued effort to tie AI more closely to routine financial administration for businesses.