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

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.