American Express has agreed to acquire expense management platform Hypercard (Hyper) to expand AI capabilities in its commercial services operations.
The Hyper team, which focuses on AI, is set to join American Express and support further development of agent-based tools and other AI systems intended to automate business processes and reduce operational complexity.
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Established in 2022, Hyper works on expense management software that shifts tasks away from manual handling towards automated workflows. The firm is backed by OpenAI co-founder Sam Altman, among others.
Its AI agents are designed to sort and submit expenses, assess them against budgets and company policies, and issue reminders when filings are outstanding.
Hyper CEO and co-founder Marc Baghadjian said: “We’re excited to join the team at American Express and work together to help businesses reduce friction in the expense process through AI technology.
“Hyper was founded with the ambition to better automate expenses, and we’re excited to continue this mission as a part of the Amex team.”
In 2024, American Express and Hyper worked together on the launch of the Hypercard Rewards American Express card, which included AI expense agents through the Agile Partner Platform.
Hyper has since continued to refine those expense management functions.
American Express has recently set out broader plans around AI.
In his annual letter to shareholders last month, chairman and chief executive Stephen J. Squeri described the company’s strategy and the effect of AI on its operations.
The company also said it would bring newer AI technology into its products and services to help businesses automate tasks and improve efficiency.
The Hyper deal is due to close in the second quarter of 2026, subject to customary closing conditions.
American Express global commercial services group president Raymond Joabar commented: “Our customers want smarter, more efficient ways to manage expenses so they can focus on what’s next for their business, and AI has the potential to transform the way businesses get things done.
“We’re thrilled to welcome Hyper, a team with deep expertise in designing and deploying AI agents, as we build next-generation AI capabilities into our products and services, including our expense management platform launching later this year.”
Last year, American Express announced the acquisition of Center, a software company focused on expense management.
The two companies said they plan to build an expense management platform that would sit alongside American Express’ corporate and small business card offerings using Center’s software.
