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April 16 (Reuters) – Credit card giant American Express said on Thursday it would buy Hyper, an \u200cartificial intelligence-focused expense management startup backed by OpenAI \u200cChief Executive Sam Altman.<\/p>\n
The deal underscores how large financial firms are racing \u200bto bring AI into core business software, especially in areas such as expense management where manual work, compliance checks and repetitive approvals can be automated.<\/p>\n
In a letter to \u200cshareholders last month, \u2060AmEx CEO Stephen Squeri said AI was creating a “structural shift” in how businesses operate.<\/p>\n
The purchase \u2060could strengthen AmEx’s efforts to offer more automation tools to commercial clients, and position it well in the corporate \u200bspending market. \u200bFinancial terms of the \u200bdeal were not disclosed.<\/p>\n
Founded \u200cin 2022, Hyper develops AI agents that can categorize expenses, file reports, check them against budgets and company policies and send submission reminders.<\/p>\n
The company touts Altman as an investor. It had partnered with AmEx in 2024 to \u200claunch a credit card. AmEx said \u200bthe latest deal was expected \u200bto close in the \u200bsecond quarter of 2026.<\/p>\n
AmEx, which has been \u200clooking to ramp up its \u200bpresence in \u200bthe commercial space, launched a new commercial credit card last month with cashback rewards and other perks \u200bfor an annual \u200cfee of $295. It also plans to introduce another \u200bcard later this year.<\/p>\n
(Reporting by Niket Nishant in \u200bBengaluru; Editing by Shilpi Majumdar)<\/p>\n<\/p><\/div>\n