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AmEx Struggles to Defend Small-Business Franchise Amid Fintech Competition

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AXP
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American Express Company (AXP) is facing pressure in its small-business franchise from fintechs like Ramp and Brex, which offer fast expense tools and integrated software.

Despite this competition, AXP's Commercial Services billed business grew 5% year over year in the second quarter of 2026, with segment revenue rising 7% to $4.5 billion.

The company also launched a pilot of its new expense-management platform for middle-market customers and added a $300 ChatGPT Business credit to U.S. Business Platinum and Gold cards.

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