American Express Company (NYSE: AXP) announced Thursday it will acquire Hyper, an artificial intelligence-focused expense management startup backed by OpenAI Chief Executive Sam Altman.

The financial terms of the acquisition were not disclosed, according to the company's statement.

Founded in 2022, Hyper develops AI agents that categorize expenses, file reports, check them against budgets and company policies, and send submission reminders. The startup focuses on automating manual work, compliance checks, and repetitive approvals in expense management processes.

In a letter to shareholders last month, American Express CEO Stephen Squeri stated that AI was creating a "structural shift" in how businesses operate.

The acquisition represents American Express's efforts to expand automation tools for commercial clients and strengthen its position in the corporate spending market.