American Express has agreed to acquire Nipendo, an Israeli fintech company focused on business-to-business (B2B) payments processes, for an undisclosed sum.
Nipendo offers a cloud-based platform that enables businesses to automate and streamline their B2B payment processes, including accounts payable and receivable.
The platform is designed to work alongside existing systems, which allows customers to continue the current payments infrastructure, while benefiting from additional automation.
The transaction is expected to be completed within this quarter, subject to certain customary closing conditions.
Upon completion, Amex will integrate Nipendo’s team, technology, and capabilities to expand its diverse offerings for businesses.
Nipendo co-founder and CEO Eyal Rosenberg said: “Businesses can face a number of challenges even before they make a payment, including finding the right suppliers, managing order processes and supply chain, as well as handling discrepancies and invoice reconciliation.
“These traditionally paper-based processes require heavy investments of time, effort, and money. We are honoured to become a part of American Express, excited about the synergy of our mutual vision and looking forward to serving as an important component of the new business value we can offer, by efficiently streamlining B2B payments.”
Amex said that the transaction marks its latest strategic move toward its goal of creating an end-to-end B2B platform that simplifies business payments.
The company is developing a suite of B2B capabilities for both buyers and suppliers through new product development, M&A and partnerships.
In 2019, Amex acquired digital payment automation firm Acompay and teamed up with Accounts Receivable players BillTrust and Versapay last year.
Last month, the company has rolled out Amex Business Link, its new B2B solution for American Express’ network participants.
American Express group global commercial services and credit and fraud risk president Anna Marrs said: “Our extensive direct relationships with both buyers and suppliers puts us in a unique position to transform the way companies pay for goods and services.
“We are taking the friction out of B2B payments, paving the way for faster, more efficient, and transparent transactions.
“With Nipendo, we will strengthen our expertise and capabilities in the space, and their innovative platform will give business customers common ground to connect and transact on the Amex network.”
