American Express buys Hyper to expand AI-powered expense software

American Express is pushing deeper into corporate software with a deal for Hyper, an AI-focused expense management startup that was founded in 2022 and is backed by OpenAI chief executive Sam Altman. The purchase points to a larger race among financial companies to use artificial intelligence not just as a customer feature, but as a back-office tool that can reduce manual work, tighten spending controls and make business clients stickier.

Hyper’s software is built around native AI agents that can auto-categorize and file expenses, compare them with budgets and company policy, and send reminders when employees miss deadlines. That matters inside corporate finance departments, where expense policing and reimbursement are still often slow, repetitive and heavily manual. By moving that work into software, American Express is trying to solve a basic business pain point: helping employers control spending without adding layers of administrative burden for workers or finance teams.

American Express did not disclose financial terms. But the logic of the acquisition is clear. In a market where enterprise software is increasingly shaped by AI, the most valuable products are often the ones that slot into daily workflows rather than flashy consumer apps. For American Express, that means turning its commercial card relationships into a broader operating system for finance teams, with expense management, reimbursement and policy enforcement tied more tightly to its payment network.

The deal also extends a relationship that was already underway. In 2024, American Express and Hyper partnered to launch the Hypercard Rewards American Express card with embedded AI-powered expense agents. In December 2024, American Express said Hypercard would launch a consumer credit card on the American Express network for employers to offer employees, with features designed to make reimbursements easier. American Express also completed its acquisition of Center in 2025 and said it would integrate Center’s expense-management technology with its corporate and small-business cards.

The company has paired those product moves with stronger financial performance. In its March 25, 2026 chairman’s letter, American Express said 2025 spending on American Express cards rose 7% on an FX-adjusted basis, net card fee revenues increased at double-digit rates for the 30th consecutive quarter to a record $10 billion, and total 2025 revenue reached a record $72 billion. The company also reported earnings per share of $15.38, excluding a prior-year gain.

Stephen Squeri has cast AI as a structural shift in how businesses operate, and this purchase gives that view a concrete use case. Marc Baghadjian, Hyper’s co-founder and chief executive, said the startup was founded to better automate expenses and that it was excited to join American Express. For American Express, the strategic bet is that AI can do more than speed up card services. It can move the company closer to the enterprise software firms that already sell the tools finance departments rely on every day.