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Mercury Bank seems to be the fastest challenger when it comes to adding new features to its small business checking and card accounts. (Or maybe it just seems like that because they do a good job communicating new developments in their newsletter and blog; see our previous posts).

The latest example: Merchant Cards

Merchant cards are single-merchant virtual charge cards distributed to employees with spending needs at a single merchant. Think marketing buying Google Adwords or IT buying additional AWS support. Cards are virtual, created instantaneously and can be either credit or debit.

While merchant limitations have long been a staple of advanced spend management systems, they require more management oversight.

Anything that a bank/fintech can do to make financial management more intuitive for overwhelmed owners is welcome. And Merchant Cards are just one more example of why Mercury continues to lead our FAB scorecard (see note 1).

 

Company Vitals

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Mercury Technologies
FAB Score = 367 (as of 9 Feb 2023; down 40 month-over-month)
FAB Rank = 1 (among 16 banks)
– HQ: San Francisco Bay Area
– Founded: 2017
– Raised $152M (Crunchbase) including $120M in 2021
– Valuation: $1.7B (based on July 2021 round)
– Website visits: 1.5 million (Dec 2022; SimilarWeb)  <<<< Most website traffic
– Employees: 400 (Pitchbook)
– Articles: 15 (Crunchbase)
– Linkedin: 18,200 followers (815 employees)
– iOS app: 4.8 (1,100 reviews)
– Trustpilot: 3.6 (523 reviews)

  1. How the FAB Score is calculated: As nerds do, we are developing a proprietary score measuring the adoption of private digital financial services companies. Since most do not release traditional metrics (# customers, deposits, AUM, etc) we rely on third-party estimates of website traffic, app downloads, as well as publically reported funding (equity + debt). We call it the FAB score, standing for Fintech Attention Barometer. It’s a work in progress, so expect changes in the formula.
  2. Disclaimer: We personally write and stand by everything published here. We receive referral revenues from certain companies which can impact their positioning on the site. At the time of publication, Mercury is one of our partners.