American Express has agreed to acquire Hyper, an AI startup specializing in expense management, as the company expands its AI capabilities across commercial services.

Financial terms of the deal were not disclosed in a release today. The acquisition is expected to close in the second quarter, subject to customary conditions.

Founded in 2022, Hyper develops AI-powered agents designed to automate expense processes, including categorizing transactions, validating them against company policies and generating reports.

American Express says that the acquisition will strengthen its ability to embed AI into products aimed at helping businesses operate more efficiently, the company said.

“Our customers want smarter, more efficient ways to manage expenses so they can focus on what’s next for their business,” Raymond Joabar, group president of global commercial services at American Express, stated.

The companies launched a co-branded card featuring AI-driven expense tools in 2024.

Hyper’s technology focuses on transforming traditionally manual expense workflows into more autonomous systems. Its AI agents can track spending, ensure compliance with budgets and policies, and notify users about pending submissions.

The acquisition builds on American Express’ push into AI, as the company integrates automation and data-driven tools into its business offerings. The company plans to launch an enhanced expense management platform later this year, with Hyper’s technology expected to play a key role in its development.

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