Amex GBT reports strong Q1

The company has made gains in small and midsized business share over the past year, remaining it's biggest growth opportunity

May 10, 2023

During the first quarter, SME transactions increased 61 percent year over year, reaching just 12 percent shy of 2019 levels on a pro forma basis that takes into account the company's acquisitions of Egencia and Ovation.

Key takeaways

  • Nearly a third of new SME wins over that period were previously unmanaged programs, a segment that remains ripe for growth, the company says;
  • Within the SME segment, Amex GBT claims it is the No. 1 player in managed travel, but only 30% of that market is actually managed today, providing a significant growth opportunity for the company;
  • Meetings and event recovery also outpaced the broader recovery rate in the first quarter, reaching 85% of 2019 levels.

Get the full story at BTN

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