Axios Pro Exclusive Content

American Express CEO on the company's M&A strategy

May 1, 2024
Image of American Express logo.

Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images

The second-largest credit card issuer, American Express, doesn't have an appetite for mega-acquisitions, CEO Stephen Squeri told a roomful of reporters Tuesday.

Why it matters: Capital One agreed to acquire Discover for $35.3 billion this year, with JPMorgan reportedly among the suitors. American Express is not pursing a similar route.

What they're saying: "We're not looking at transformative acquisitions," Squeri said when asked whether greater scrutiny on bank tie-ups has affected the company's M&A strategy.

  • "So we're not going under the same scrutiny as Discover and Capital One," he continued.

Catch up quick: The company has historically focused on what Squeri describes as smaller, "bolt-on" acquisitions.

  • Its 2019 acquisition of Kabbage helped the company expand in the SMB space. That deal was reportedly valued around $850 million.
  • It acquired Resy the same year for a reported $200 million
  • Last year, American Express acquired payments automation business Nipendo for an undisclosed sum, growing the credit card giant's B2B business. Nipendo previously raised $12 million from investors including Horizons Ventures, per PitchBook.

By the numbers: American Express is valued at about $167 billion.

Go deeper