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* | 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 billion 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: 2.4M (SimilarWeb, Mar 2025) <<<< Highest
– Employees: 2,170 (Pitchbook) was 1,000 in Feb, 850 in Jan, 850 Nov ’24, 991 Sep ’24, 699 Jan ’24, 930 Oct ’23, 658 July ’23) <<<< Highest
Social:
– LinkedIn: 183,000 followers (2,200 employees, was 1,630 employees in Feb, 1,360 in Jan; 1,300 Nov ’24; 1,040 Sep ’24, 1,270 July ’24; 770 Jan ’24; 720 July ’23)
– G2: 4.8 (2,065 reviews, up 15 since Jan)
2. Expensify
FAB Score = 370 (unchanged)
HQ: SF
Founded: 2008
Traction:
– Raised $401M (prior to 2022) (Crunchbase)
– Annual Revenue: $137M (TTM) – Market cap: $280M (NASDAQ:EXFY, 2 April 2025)
– Website visits: 1.6M (SimilarWeb, Mar 2025)
– Employees: 133 (Pitchbook, unchanged since Nov ’24; was 138 Jan ’24; 138 Oct ’23; 194 Feb ’23)
Social:
– LinkedIn: 18,000 followers (211 employees, was 214 in Feb; 220 Jan; 225 Nov ’24; 228 Sep ’24; 234 July ’24; 246 Jan ’24; 248 Oct ’23; 241 July ’23)
– TrustRadius: 7.7 (411 reviews, up 4 since Feb)
3. Bill (fka Divvy)
FAB Score = 173 (down 8)
HQ: Utah
Founded: 2016
Traction:
– Valuation: $2.5B (June 2021 exit)
– Raised $418M (prior to 2022) (Crunchbase)
– Website visits: Divvy.co >>560,000 (SimilarWeb, Feb 2025) Bill.com >> 4.2 million (SimilarWeb, Feb 2025)
– Employees: 443 (Pitchbook), unchanged since May
Social:
– LinkedIn 35,000 followers (196 employees, was 199 in Feb; 202 in Jan; 210 Nov ’24; 215 Sep ’24; 259 July ’24; 313 Jan ’24; 350 Oct ’23; 450 July ’23)
– Trustpilot: 4.3 (799 reviews, unchanged since Feb)
4. Jeeves
FAB Score = 167 (down 3)
– HQ: NYC
– Founded: 2018
Traction:
– Raised $443M including $75M in May 2024 (debt) and $180M in 2022 (Crunchbase)
– Valuation: $2.1B based on March 2022 round (FintechLabs)
– Website visits: 49,000 (SimilarWeb; Mar 2025)
– Employees: 182 (Pitchbook), down 55 since Jan ’24, down 55 since May ’23
Social:
– Articles: 31 (Crunchbase)
– LinkedIn 33,000 followers (255 employees vs. 247 in Feb; 251 Jan; 253 Nov ’24; 261 Sep ’24; 256 July ’24; 263 Jan ’24, 259 Oct ’23; 239 July ’23)
– Trustpilot: 4.1 (103 reviews, unchanged since Nov ’24)
5. Spendesk
FAB score = 155 (down 10)
– HQ: Paris
– Founded: 2016
Traction:
– Raised: $312M including $110M in 2022 (Crunchbase)
– Valuation: $1.1B based on Jan 2022 round (FintechLabs)
– Website traffic: 370,000 (SimilarWeb; Mar 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)
Social:
– LinkedIn 45,000 followers (371 employees vs. 390 in Feb; 422 in Jan; 467 in Nov ’24; 494 in Sep ’24; 516 in July ’24; 590 in Jan ’24, 629 in July ’23)
6. Tribal (acquired by Klar)
FAB Score = 132 (down 2)
– HQ: SF
– Founded: 2016
Traction:
– Raised $293M ($100M in 2022 and $150M debt in Oct 2023) (Crunchbase)
– Website visits: 2,000 (SimilarWeb, Mar 2025)
– Employees: 400 (Pitchbook, unchanged since May 23)
Social:
– Articles: 22 (Crunchbase)
– LinkedIn 26,000 followers (170 employees vs. 167 in Feb; 169 in Jan; 172 in Sep ’24; 174 in July ’24; 258 in Jan ’24; 321 in Oct ’23; 313 in 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
Traction:
– Raised $252M (including $161M in 2022) (Crunchbase)
– Website visits: 73,000 (Mar 2025, SimilarWeb)
– Employees: 353 (Pitchbook vs. 464 in Jan; 456 in May ’24; 402 in Jan ’24; 403 in Oct ’23; 384 in July ’23)
– LinkedIn 51,000 followers (343 employees vs. 350 in Feb; 363 in Jan; 375 in Nov ’24)
– G2: 4.7 (1,730 reviews, up 40 since Feb)
8. Coast
FAB Score = 103 (down 2)
– HQ: NYC
– Founded: 2020
Traction:
– Raised: $166M including $40M in July 2024, $93M in March 2024, $28M in Feb 2022 (Crunchbase)
– Website traffic: 78,000 (Mar 2025, SimilarWeb)
– Employees: 126 (Pitchbook, vs 118 in Feb; 118 in Jan; 107 in Nov ’24; 103 in July ’24; 99 in May ’24)
– LinkedIn followers: 5,000 (128 employees vs. 129 in Feb; 122 in Jan; 116 in Nov ’24; 109 in Sep ’24; 98 in May ’24)
– Trustpilot: 2.7 (60 reviews, unchanged since Feb)
9. Bonsai FAB Score = 101 (up 4)
– HQ: San Francisco
– Founded: 2016
Traction:
– 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
Traction:
Raised: $177M including $20M in 2024, $157M in 2023 (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
Traction:
– 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
Traction:
– 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
Traction:
– 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
Traction:
– 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)
– 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
Traction:
– Raised: Unkown (Crunchbase)
– Website visits: 81,000 (Jan 2025, Similarweb)
– Employees: 28 (Linkedin)
– 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
Traction:
– Raised $3.7 prior to 2022 (Crunchbase)
– Website visits: 22,000 (SimilarWeb Jan 2025)
– Employees: 17 (LinkedIn, up 4 since July)
– 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
Traction:
– Raised $1.5M (including $1M in 2021) (Crunchbase)
– Website visits: 11,000 (SimilarWeb; Jan 2025)
– Employees: 9 (Pitchbook, unchanged since July ’24)
— Linkedin: NA
– Trustpilot: No reviews
19. Bento for Business, acquired by US Bank (Aug 2021) FAB Score = 3 (down 2)
HQ: NYC
Founded: 2007
Traction:
– 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 had 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) — 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) – 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) _- 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) – Employees: 50 (Pitchbook), up 39 since April – Linkedin: 400 followers (51 employees) – No Trustpilot profile
