American Express shuts down Amex Israel, lays off entire workforce
The credit giant set up Amex Israel based on the R&D team of Nipendo, an Israeli startup it acquired in 2023.
Credit giant American Express has shut down the operations of Amex Israel, which was set up based on the R&D team of Nipendo, an Israeli startup it acquired in 2023. Nipendo developed solutions to automate and streamline business-to-business (B2B) payments processes.
The acquisition was estimated at around $15–20 million. Calcalist has learned that after completing the integration of Nipendo’s technology, American Express decided to close the local operation and lay off its employees. Amex Israel is estimated to have employed several dozen workers.
Headquartered in Netanya and founded in 2008, Nipendo’s platform allows businesses to connect, communicate, and automate Procure-to-Pay processes, including accounts payable and receivable. The Nipendo platform works alongside a company’s existing systems, allowing customers to maintain their current payments infrastructure, while benefiting from additional automation. American Express said at the time of the acquisition that it intends to integrate Nipendo’s team, technology, and capabilities to expand its differentiated offerings for businesses.
Nipendo employed around 100 people when it was acquired.
In February 2024, about a year after the acquisition, the Israeli company Top Systems, a publicly traded firm listed on the Tel Aviv Stock Exchange, announced it had acquired Nipendo’s Israeli operations for $2 million. This deal included Nipendo’s business with Israeli customers and their global suppliers. This activity is not affected by the closure of Amex Israel.
