AmEx to buy Altman-backed Hyper in push for AI-powered expense tools

April 16 (Reuters) - Credit ‌card giant ​American ​Express said on Thursday it would buy Hyper, an artificial intelligence-focused expense management startup backed ‌by OpenAI Chief Executive Sam Altman.

The deal underscores ⁠how large financial firms are racing to bring AI into ‌core business software, especially ‌in areas such as expense management where manual work, compliance checks and repetitive approvals can be automated.

In ​a letter to shareholders last month, AmEx CEO Stephen Squeri said AI was creating a "structural shift" ⁠in how businesses operate.

The purchase could strengthen AmEx's efforts to offer more ​automation tools to commercial clients, and position it well in the corporate spending market. Financial ​terms of the deal were ‌not disclosed.

Founded in 2022, Hyper develops AI agents that can categorize expenses, file reports, ⁠check them against budgets and company policies and send submission reminders.

The company touts Altman as an investor. It had ⁠partnered with AmEx in 2024 to launch a credit card. ​AmEx said the latest deal was expected to close in the second quarter of 2026.

AmEx, which has been looking to ramp ‌up its presence in the commercial space, launched a new commercial credit card ‌last month with cashback rewards and other perks for ⁠an annual fee of $295. ‌It also plans ​to introduce another card later this year.

(Reporting by Niket Nishant in Bengaluru; Editing by Shilpi ‌Majumdar)

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