American Express buys Israeli B2B payments automation start-up Nipendo
American Express has reached an agreement to acquire Israel and US-based B2B payments automation firm Nipendo for an undisclosed sum.
American Express buys Nipendo for undisclosed sum
American Express is looking to build out its business payments network and says the deal is the “latest strategic step” toward its goal of creating an “end-to-end B2B platform”.
It partnered with accounts receivable companies BillTrust and Versapay last year and launched Amex Business Link, a B2B payments ecosystem for its network participants. It also acquired digital payment automation platform Acompay back in 2019.
Anna Marrs, group president, global commercial services and credit and fraud risk at American Express, says the latest acquisition “will strengthen our expertise and capabilities” in the B2B payments space.
Founded in 2010, Nipendo offers a cloud-based platform built to automate and streamline B2B payments and simplify interactions between suppliers and buyers. It says the platform utilises artificial intelligence (AI), machine learning (ML) and robotic process automation (RPA) to make source-to-pay processes “touch-free and error-free”.
“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,” says Nipendo co-founder and CEO Eyal Rosenberg.
“These traditionally paper-based processes require heavy investments of time, effort and money.”
American Express says it plans to “integrate Nipendo’s team, technology and capabilities to expand its differentiated offerings for businesses”. It adds the Nipendo platform works alongside its existing systems and will therefore allow customers “to maintain their current payments infrastructure, while benefiting from additional automation”.
The acquisition is expected to close in Q1 2023 subject to customary conditions.
