In the last eight years, the corporate charge card market has seen the launch of 3 major digital players (Ramp in 2019, Brex in 2017, and Divvy in 2016) that are already multi-unicorns. In addition, Expensify (founded in 2008), went public in Nov 2021 and was worth nearly $5 billion before falling to $300 now.
Below is a list of the 19 challenger business credit cards currently active in the United States. Five have been acquired in the past few years including two by large legacy banks (Capital One bought Lola, US Bancorp acquired Bento for Business) and will stay on this list as long as they operate as independent brands (Lola is no longer a separate unit).
NEW: Looking for digital banks, lenders, payment providers, insurance or digital accounting for small businesses? Check out our latest lists: SMB online lenders (33) | SMB challenger banks (12) | SMB insurers (15) | SMB charge cards/expense management (16) | Billpay & invoicing (16)| Payment processors (7) | Subscription processors (7) | SMB digital accounting/bookkeeping (21) | Equity crowdfunding (7)
Leading USA Digital Small Business Charge Cards ranked by FAB score
(Fintech Attention Barometer**)
The FAB Score Ranking (Fintech Attention Barometer) is a proxy for the size of a private fintech company.
| Rank | Was | Company | FAB Score** | Reviewed | Founded | HQ | Funding ($M) | Visits (Jan ’25) |
| Ad* | Ad* | Relay | 186 | 24 Feb 25 | 2018 | Toronto | $52 | 820,000 |
| 1 | 1 | Ramp | 1143 | 24 Feb 25 | 2019 | NYC | $1,826 | 2,300,000 |
| Ad* | Ad* | U.S. Bank | NA | 24 Feb 25 | 1863 | Minneapolis | NA | 27,000,000 |
| Ad* | Ad* | Rho | 46 | 24 Feb 25 | 2018 | NYC | $205 | 70,000 |
| Ad* | Ad* | Jeeves | 164 | 24 Feb 25 | 2019 | NYC | $441 | 32,000 |
| 2 | 2 | Expensify | 370 | 24 Feb 25 | 2008 | SF | $401 | 1,600,000 |
| 3 | 3 | Bill (FKA Divvy) | 173 | 24 Feb 25 | 2016 | Utah | $418 | 560,000 |
| 4 | 4 | Jeeves | 167 | 24 Feb 25 | 2019 | NYC | $441 | 44,000 |
| 5 | 5 | Spendesk | 155 | 24 Feb 25 | 2016 | Paris | $312 | 350,000 |
| 6 | 6 | Tribal Credit | 132 | 24 Feb 25 | 2016 | SF | $293 | 1,500 |
| 7 | 7 | Airbase (Paylocity) | 109 | 24 Feb 25 | 2017 | SF | $252 | 69,000 |
| 8 | 8 | Coast | 103 | 24 Feb 25 | 2020 | NYC | $166 | 87,000 |
| 9 | 10 | Bonsai | 101 | 24 Feb 25 | 2016 | SF | $0.1 | 500,000 |
| 10 | 9 | Parker | 97 | 24 Feb 25 | 2019 | NYC | $177 | 21,000 |
| 11 (t) | 12 | Rho | 47 | 24 Feb 25 | 2018 | NYC | $205 | 73,000 |
| 11 (t) | 11 | Karat | 47 | 24 Feb 25 | 2019 | SF | $101 | 20,000 |
| 13 | 13 | Center | 37 | 24 Feb 25 | 2018 | Seattle | $102 | 16,000 |
| 14 | 14 | Teampay | 29 | 24 Feb 25 | 2016 | NYC | $65 | 9,700 |
| 15 | 15 | PEX Card | 18 | 24 Feb 25 | 2007 | NYC | $9.9 | 110,000 |
| 16 | 16 | Revenued | 16 | 24 Feb 25 | 2015 |
New Jersey
|
81,000 | |
| 17 (t) | 17 | Dash.fi (was FunnelDash) | 6 | 24 Feb 25 | 2016 | Austin | $3.7 | 22,000 |
| 17 (t) | NA | Profit (was Swipedom) | 6 | 20 Nov 24 | 2019 | NYC | $1.5 | 11,000 |
| 19 | 18 | Bento for Business (US Bank) | 3 | 24 Feb 25 | 2014 | SF | $25 | 2,200 |
SourceL Fintech Labs, 24 Feb 25
as = rank on 9 Jan 2025
Notes:
*FintechLabs may receive referral revenues or sponsorships from issuers. This does not impact their FAB score but could impact placement on the site.
**FAB score = Fintech Attention Barometer, a proprietary measure of company size calculated by Fintech Labs. Inputs primarily include funding, website traffic and employee count.
***Funding includes both equity and debt amounts (millions of U.S. dollars)
Definition: Charge cards require the balance to be paid in full each month; credit cards allow the balance to be rolled over, often at a relatively high interest rate).
Profiles: Challenger SMB Charge Card Issuers
1. Ramp
FAB Score = 1,140 (up 60 since Jan)
HQ: NYC
Founded: 2019
Traction:
– Valuation: $13 based on a March 2025 secondary stock sales (FintechLabs) <<<< Highest
– Annual revenue run rates: $700M (Jan 2025), $300M (Aug 2023), $100M (March 2022) (Source: TechCrunch)
– Raised $1.8B including $156M in April 2024, $300M in August 2023, $750M in 2022 (Crunchbase) <<< Highest
– Website visits: 2.3M (SimilarWeb, Jan 2025) <<<< Highest
– Employees: 1,000 (Pitchbook), up 150 since Jan, up 150 since Nov ’24, up 9 since Sep ’24, up 301 since Jan ’24, up 70 from Oct ’23, up 342 since July ’23) <<<< Highest
– Articles: 118 (Crunchbase)
Social:
– LinkedIn: 171,000 followers (1,630 employees, up 270 since Jan, up 330 since Nov ’24, up 590 since Sep ’24, up 360 since July ’24, up 860 since Jan ’24, up 910 since July ’23)
– G2: 4.8 (2,065 reviews, up 15 since Jan)
2. Expensify
FAB Score = 370 (unchanged)
– HQ: SF
– Founded: 2008
– Raised $401M (prior to 2022) (Crunchbase)
– Annual Revenue: $137M (TTM)
– Market cap: $289M (NASDAQ:EXFY, 24 Feb 2025)
– Website visits: 1.6M (SimilarWeb, Jan 2025)
– Employees: 133 (Pitchbook, unchanged since Nov ’24, down 5 since Jan ’24, down 5 since Oct ’23, down 61 since Feb ’23)
– Articles: 456 (Crunchbase) <<<< Highest
– LinkedIn: 18,000 followers (214 employees, down 6 since Jan, down 11 since Nov ’24, down 14 since Sep ’24, down 20 since July ’24, down 32 since Jan ’24, down 34 since Oct ’23, down 27 since July ’23)
– TrustRadius: 7.6 (407 reviews, up 1 since Jan)
3. Bill (fka Divvy)
FAB Score = 173 (down 8)
– HQ: Utah
– Founded: 2016
– Valuation: $2.5B (June 2021 exit)
– Raised $418M (prior to 2022) (Crunchbase)
– Website visits:
Divvy.co >>560,000 (SimilarWeb, Jan 2025)
Bill.com >> 4.1 million (SimilarWeb, Jan 2025)
– Employees: 443 (Pitchbook), unchanged since May
– Articles: 86 (Crunchbase)
– LinkedIn 35,000 followers (199 employees, down 3 since Jan, down 11 since Nov ’24, down 16 since Sep ’24, down 60 since July ’24, down 114 since Jan ’24, down 151 since Oct ’23, down 251 since July ’23)
– Trustpilot: 4.3 (799 reviews, up 3 since Jan)
4. Jeeves
FAB Score = 167 (down 3)
– HQ: NYC
– Founded: 2018
– Raised $443M including $75M in May 2024 (debt) and $180M in 2022 (Crunchbase)
– Valuation: $2.1B based on March 2022 round (FintechLabs)
– Website visits: 44,000 (SimilarWeb; Jan 2025)
– Employees: 182 (Pitchbook), down 55 since Jan ’24, down 55 since May ’23
– Articles: 31 (Crunchbase)
– LinkedIn 32,000 followers (247 employees, down 4 since Jan, down 6 since Nov ’24, down 14 since Sep ’24, down 9 since July ’24, down 16 since Jan ’24, down 12 since Oct ’23, up 8 since July ’23)
– Trustpilot: 4.1 (103 reviews, unchanged since Nov ’24)
5. Spendesk
FAB score = 155 (down 10)
– HQ: Paris
– Founded: 2016
– Raised: $312M including $110M in 2022 (Crunchbase)
– Valuation: $1.1B based on Jan 2022 round (FintechLabs)
– Website traffic: 350,000 (SimilarWeb; Jan 2025)
– Employees: 1,000 (Pitchbook, unchanged since Nov ’24, up 400 since July ’24, up 400 since Jan ’24, up 375 since Oct ’23, up 415 since July ’23)
– Article citations: 69 (Crunchbase)
– LinkedIn 43,000 followers (390 employees, down 32 since Jan, down 77 since Nov ’24, down 104 since Sep ’24, down 126 since July ’24, down 200 since Jan ’24, down 239 since July ’23)
6. Tribal
FAB Score = 132 (down 2)
– HQ: SF
– Founded: 2016
– Raised $293M ($100M in 2022 and $150M debt in Oct 2023) (Crunchbase)
– Website visits: 1,500 (SimilarWeb, Jan 2025)
– Employees: 400 (Pitchbook, unchanged since May ’23)
– Articles: 22 (Crunchbase)
– LinkedIn 26,000 followers (167 employees, down 2 since Jan, down 5 since Sep ’24, down 7 since July ’24, down 91 since Jan ’24, down 154 since Oct ’23, down 136 since July ’23)
– Trustpilot: No reviews
7. Airbase (acquired by Paylocity 4 Sep 2024, subject to approval)
FAB Score = 109 (down 2)
– HQ: SF
– Founded: 2017
– Raised $252M (including $161M in 2022) (Crunchbase)
– Website visits: 69,000 (Jan 2025, SimilarWeb)
– Employees: 353 (Pitchbook, down 111 since Jan, down 103 since May ’24, down 49 since Jan ’24, down 50 since Oct ’23, up 80 since July ’23)
– Articles: 217 (Crunchbase)
– LinkedIn 51,000 followers (350 employees, down 13 since Jan, down 25 since Nov ’24)
– G2: 4.7 (1,690 reviews, up 90 since Jan)
8. Coast
FAB Score = 103 (down 2)
– HQ: NYC
– Founded: 2020
– Raised: $166M including $40M in July 2024, $93M in March 2024, $28M in Feb 2022 (Crunchbase)
– Website traffic: 87,000 (Jan 2025, SimilarWeb)
– Employees: 118 (Pitchbook, unchanged since Jan, up 11 since Nov, up 15 since July, up 19 since May)
– LinkedIn followers: 4,900 (129 employees, up 7 since Jan, up 13 since Nov ’24, up 20 since Sep ’24, up 31 since May ’24)
– Trustpilot: 2.7 (60 reviews, up 2 since Jan)
9. Bonsai
FAB Score = 101 (up 4)
– HQ: San Francisco
– Founded: 2016
– Raised: $120,000+ (Crunchbase)
– Website traffic: 500,000 (Jan 2025, SimilarWeb)
– Employees: 56 (Linkedin)
– Articles: 9 (Crunchbase)
– LinkedIn followers: 5,000 (53 employees, down 3 since Nov, down 2 since Sep, up 2 since July, up 4 since Jan ’24, up 4 since Oct ’23, up 21 since July ’23)
– Trustpilot: 4.1 (457 reviews, up 7 since Nov)
10. Parker
FAB Score = 97 (up 12)
Founded: 2019
HQ: NYC
Raised: $177M including $20M in 2024, $157M in 2023 (Crunchbase)
Article citations: 1 (Crunchbase)
Employees: 37 (Pitchbook, unchanged since Jan ’24, unchanged since Oct ’23, up 9 since July ’23)
Website visits: 21,000 (Jan 2025, SimilarWeb)
LinkedIn: 10,000 followers (118 employees, up 5 since Jan, up 39 since Sep ’24, up 41 since May ’24, up 53 since Jan ’24, up 61 since Oct ’23, up 82 since July ’23)
11 (tie). Karat
FAB Score = 47 (down 8)
– HQ: LA
– Founded: 2019
– Raised: $101M (including $70M in July 2023) (Crunchbase)
– Website visits: 20,000 (Jan 2025, SimilarWeb)
– Employees: 56 (Pitchbook, unchanged since Oct ’24, up 5 since April ’24)
– Articles: 16 (Crunchbase)
– Linkedin: 10,000 followers (38 employees, down 1 since Jan, up 3 since Nov ’24, up 6 since Sep ’24, up 4 since July ’24, down 3 since Jan ’24, down 16 since Oct ’23)
– Trustpilot: No reviews
11 (tie). Rho
FAB Score = 47 (down 6)
HQ: NYC
Founded: 2018
Traction:
– Raised $205M ($200M since Jan 2021) (Crunchbase)
– Website visits: 73,000 (SimilarWeb, Jan 2025)
– Employees: 198 (Pitchbook), down 2 from Dec ’23
Social:
– Articles: 18 (Crunchbase)
– Linkedin: 13,000 followers (215 employees, up 10 since Jan, up 10 since Sep ’24, up 3 from Dec ’23)
– Trustpilot: No reviews
13. Center, acquired by American Express (6 Mar 2025)
FAB Score = 37 (down 2)
– HQ: Bellevue, WA
– Founded: 2016
– Raised $102M including $30M in 2023 and $15M in 2o22 (Crunchbase)
– Website visits: 16,000 (Jan 2025, SimilarWeb)
– Employees: 193 (Linkedin)
– Articles: 15 (Crunchbase)
– LinkedIn 5,000 followers (196 employees, up 1 since Jan, down 1 since Nov ’24, down 3 since Sep ’24, down 8 since July ’24, up 3 since Jan ’24, up 3 since Oct ’23, up 26 since July ’23)
– G2: 4.6 (456, up 14 since Jan)
14. TeamPay, acquired by Paystand (April 2024)
FAB Score = 29 (down 1)
– HQ: NYC
– Founded: 2016
– Raised $65M, including $47M in 2022 (Crunchbase)
– Website visitors: 9,700 SimilarWeb; Jan 2025)
– Employees: 63 (Pitchbook), unchanged since Oct ’23, down 24 since July ’23
– Articles: 15 (Crunchbase)
– LinkedIn 4,400 followers (33 employees, down 2 since Jan, down 4 since Nov ’24, down 5 since Sep ’24, down 10 since July ’24, down 13 since Jan ’24, down 18 since Oct ’23, down 30 since July ’23)
– G2 rating: 4.5 (320 reviews, unchanged since Jan)
15 . PEX Card
FAB Score = 18 (down 2)
– HQ: NYC
– Founded: 2007
– Raised $9.9M (including $5M in 2024) (Crunchbase)
– Website visits: 110,000 (SimilarWeb; Jan 2025)
– Employees: 82 (Pitchbook, unchanged since Jan, down 1 since Nov ’24, unchanged since July ’24, down 9 since Jan ’24, down 7 since Oct ’23, down 3 since July ’23)
– Articles: 2 (Crunchbase)
– LinkedIn 13,000 followers (85 employees, up 2 since Jan, up 4 since Nov ’24, up 1 since Sep ’24, up 3 since July ’24, down 4 since Jan ’24, down 4 since July ’23)
– Trustpilot: No reviews
16. Revenued
Fab Score = 16 (up 6)
– HQ: New Jersey
– Founded: 2015
– Raised: Unkown (Crunchbase)
– Website visits: 81,000 (Jan 2025, Similarweb)
– Employees:
– Articles: 8 (Crunchbase)
– LinkedIn: 2,500 followers (28 employees, up 1 since Jan, up 3 since Nov ’24, up 1 since Sep ’24, down 1 since July ’24)
– TrustPilot: 4.7 (895 reviews, up 26 since Jan)
17 (tie). Dash.fi (was FunnelDash)
FAB Score = 6 (unchanged)
– HQ: Austin
– Founded: 2016
– Raised $3.7 prior to 2022 (Crunchbase)
– Website visits: 22,000 (SimilarWeb Jan 2025)
– Employees: 17 (LinkedIn, up 4 since July)
– Articles: 0 (Crunchbase)
– LinkedIn 1,100 followers (43 employees, up 7 since Jan, up 9 since Nov ’24, up 12 since Sep ’24, up 21 since July ’24, up 21 since Jan ’24, up 26 since Oct ’23, up 30 since July ’23)
– G2: 4.6 (64 reviews, unchanged since Oct ’23)
17 (tie). Profit (was Swipedom), acquired by Paymentus
FAB Score = 6 (down 1)
– HQ: NYC
– Founded: 2019
– Raised $1.5M (including $1M in 2021) (Crunchbase)
– Website visits: 11,000 (SimilarWeb; Jan 2025)
– Employees: 9 (Pitchbook, unchanged since July ’24)
– Articles: 5 (Crunchbase)
– Linkedin: NA
– Trustpilot: No reviews
19. Bento for Business, acquired by US Bank (Aug 2021)
FAB Score = 3 (down 2)
– HQ: NYC
– Founded: 2007
– Raised $24.5M (Crunchbase)
– Website visits: 2,200 (SimilarWeb; Dec 2024)
– Employees: 43 (Pitchbook, unchanged since April ’23)
– Articles: 43 (Crunchbase)
– LinkedIn No longer listed (Feb ’25). In Jan ’24, it was 2,000 followers (23 employees, down 3 since Sep ’24, down 6 since July ’24, down 15 since Jan ’24, down 24 since Oct ’23, down 20 since July ’23)
– Trustpilot: 2.0 (102 reviews, unchanged since July ’23)
Not ranked (focusing on larger businesses, enterprises or cards-as-a-service)
Brex
– HQ: SF
– Founded: 2017
– Valuation: $12B (based on Oct 2021 round)
– Raised $1.7B (Crunchbase)
– Website visits: 940,000 (SimilarWeb, Jan 2025)
– Employees: 1,399 (Pitchbook)
– Articles: 379 (Crunchbase)
– Linkedin: 250,000 followers (1,430 employees)
– Trustpilot: 2.7 (569 reviews)
Comcard (waitlist only, Oct 2023)
– HQ: LA
– Founded: 2019
– Raised $200k (prior to 2021) (Crunchbase)
– Website visits: INA
– Employees: 3 (Linkedin, Dec 2023)
– Articles: 1 (Crunchbase)
– Linkedin: 100 followers (3 employees)
– Reviews: NA
Lola (acquired by Capital One, 2021, separate brand discontinued 2023)
– HQ: Boston
– Founded: 2018
– Raised $81.7M (prior to 2021) (Crunchbase)
– Website visits (Dec 2023): <5,000 (SimilarWeb)
– Employees: 57 (Pitchbook)
– Articles: 4 (Crunchbase)
– Linkedin: 6,700 followers (24 employees Jan 2024)
– Trustpilot: 4.1 (215 reviews)
Mercantile
– HQ: NYC
– Founded: 2021
– Raised $22M in 2022 (Crunchbase)
– Website visits: <5,000 (SimilarWeb, Dec 2023)
– Articles: 4 (Crunchbase)
– Employees: 50 (Pitchbook), up 39 since April
– Linkedin: 400 followers (51 employees)
– No Trustpilot profile
