American Express acquires Center to strengthen corporate spend management

14-03-25

American Express has announced an agreement to acquire Center, a Bellevue, Washington-based startup specialising in payments technology and corporate expense management. Although the financial terms of the transaction have not been disclosed, the acquisition is expected to be completed in the second quarter of 2025.

Founded in 2017, Center has raised more than $140m in private investment and has approximately 160 employees. The company offers solutions that enable mid-sized companies to manage and track corporate expenses, including travel and other disbursements, in addition to providing a corporate credit card.

Naveen Singh, CEO of Center, is the son of Steve Singh, co-founder of Concur, a leading expense management company acquired by SAP in 2014 for $8.3bn. Center's executive team includes several former Concur employees, underscoring the experience and expertise in the corporate expense management industry.

The integration of Center into American Express aims to create a more seamless and efficient payment and expense management experience for customers. This acquisition reflects American Express' strategy to expand its technology capabilities and offer end-to-end solutions to its corporate customers.

This transaction is part of a broader trend in the financial industry, where large corporations are looking to acquire technology startups to innovate and improve their services. Center's expertise in expense management solutions, combined with American Express' infrastructure and resources, promises to deliver more robust and efficient tools for companies looking to optimise their financial processes.

The acquisition is expected to boost American Express' competitiveness in the corporate expense management market, enabling it to offer more customised solutions tailored to the evolving needs of modern businesses. The collaboration between the two entities could lead to new functionalities and services that benefit a wide range of corporate customers.

American Express' acquisition of Center represents a significant step in the evolution of corporate expense management solutions, combining the innovation of a specialised startup with the strength and reach of a global financial institution.

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