In the last eight years, the corporate charge card market (see definition below) 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 its sub-$200 million value now.
Challenger of the Month*
Meet BILL. Your financial operations platform.
The intelligent way to create and pay bills, send invoices, manage expenses, control budgets, and access the credit your business needs to grow—all on one platform.
Founded: 2016 | HQ: Utah | Funding: $418M
Below is a list of the 17 challenger business credit cards currently active in the United States. Five have been acquired in the past few years including two by large legacy banks (Capital One bought Lola, US Bancorp acquired Bento for Business) and will stay on this list as long as they operate as independent brands (Lola is no longer a separate unit).
NEW: Looking for digital banks, lenders, payment providers, insurance or digital accounting for small businesses? Check out our latest lists: SMB online lenders (33) | SMB challenger banks (12) | SMB insurers (15) | SMB charge cards/expense management (16) | Billpay & invoicing (16)| Payment processors (7) | Subscription processors (7) | SMB digital accounting/bookkeeping (21) | Equity crowdfunding (7)
The FAB Score Ranking (Fintech Attention Barometer) is a proxy for the size of a private fintech company.
Leading USA Digital Small Business Charge Cards
ranked by FAB score (Fintech Attention Barometer**)
| Rank | Was | Company | FAB Score** | Reviewed | Founded | HQ | Funding ($M) | Visits (June ’24) |
| 1 | 1 | Ramp | 1023 | 30 Jul ’24 | 2019 | NYC | $1,826 | 1,700,000 |
| 2 | 2 | Expensify | 390 | 30 Jul ’24 | 2008 | SF | $401 | 1,700,000 |
| 3 | 4t | Bill (FKA Divvy) | 207 | 30 Jul ’24 | 2016 | Utah | $418 | 730,000 |
| 4 | 4t | Jeeves | 167 | 30 Jul ’24 | 2019 | NYC | $441 | 44,000 |
| 5 | 3 | Spendesk | 161 | 30 Jul ’24 | 2016 | Paris | $312 | 380,000 |
| 6 | 6 | Tribal Credit | 134 | 30 Jul ’24 | 2016 | SF | $293 | 10,000 |
| 7 | 7 | Airbase | 111 | 30 Jul ’24 | 2017 | SF | $252 | 77,000 |
| 8t | 10 | Coast | 99 | 30 Jul ’24 | 2020 | NYC | $166 | 69,000 |
| 8t | 9 | Bonsai | 99 | 30 Jul ’24 | 2016 | SF | $0.1 | 490,000 |
| 10 | 8 | Parker | 85 | 30 Jul ’24 | 2019 | NYC | $157 | 12,000 |
| 11 | 11 | Karat | 49 | 30 Jul ’24 | 2019 | SF | $101 | 26,000 |
| 12 | 12 | Center | 37 | 30 Jul ’24 | 2018 | Seattle | $102 | 19,000 |
| 13 | 13 | Teampay | 28 | 30 Jul ’24 | 2016 | NYC | $65 | 6,000 |
| 14t | NEW | Revenued | 8 | 30 Jul ’24 | 2015 |
New Jersey
|
40,000 | |
| 14t | 14 | PEX Card | 8 | 30 Jul ’24 | 2007 | NYC | $9.9 | 58,000 |
| 16 | 17 | Dash.fi (was FunnelDash) | 7 | 30 Jul ’24 | 2016 | Austin | $3.7 | 27,000 |
| 17 | 16 | Profit (was Swipedom) | 6 | 30 Jul ’24 | 2019 | NYC | $1.5 | 8,600 |
| 18 | 15 | Bento for Business (US Bank) | 4 | 30 Jul ’24 | 2014 | SF | $25 |
Source: Compiled by FintechLabs, 4 Sep 2024, from Crunchbase, SEMrush, SimilarWeb
“Was” = rank on 19 June 2024
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 = 1,023 (up 204 since Jan)
– HQ: NYC
– Founded: 2019
– Valuation: $5.5B based on Aug 2023 round (FintechLabs) <<<< Highest
– Raised $1.8B including $156M in April 2024, $300M in August 2023, $750M in 2022 (Crunchbase) <<< Highest
– Website visits: 1.7M (SimilarWeb, June 2024) <<<< Highest (tie)
– Employees: 991 (Pitchbook, up 292 since Jan, up 61 from Oct ’23, up 333 since July ’23) <<<< Highest
– Articles: 121 (Crunchbase)
– Linkedin: 133,000 followers (1,275 employees, up 115 since May, up 502 since Jan, up 542 since July ’23)
– G2: 4.8 (1,970 reviews, up 100 since Jan)
2. Expensify
FAB Score = 390 (up 60 since Jan)
– HQ: SF
– Founded: 2008
– Raised $401M (prior to 2022) (Crunchbase)
– Annual Revenue: $170M (2022)
– Market cap: $164M (NASDAQ:EXFY, 29 July 2024)
– Website visits: 1.7M (SimilarWeb, May 2024) <<<< Highest (tie)
– Employees: 133 (Pitchbook, down 5 since Jan, down 5 since Oct ’23, down 61 since Feb ’23)
– Articles: 456 (Crunchbase) <<<< Highest
– Linkedin: 17,000 followers (234 employees, down 12 since Jan, down 14 since Oct ’23, down 7 since July ’23)
– TrustRadius: 7.3 (391 reviews, up 16 since Jan)
3. Bill (fka Divvy)
FAB Score = 207 (up 54 since Jan)
– HQ: Utah
– Founded: 2016
– Valuation: $2.5B (June 2021 exit)
– Raised $418M (prior to 2022) (Crunchbase)
– Website visits:
Divvy.co >> 730,000 (SimilarWeb, June 2024)
Bill.com >> 4.0 million (SimilarWeb, June 2024)
– Employees: 443 (Pitchbook), unchanged since May
– Articles: 85 (Crunchbase)
– LinkedIn 35,000 followers (256, down 5 since May, down 56 since Jan, down 93 since Oct ’23, down 194 since July ’23)
– Trustpilot: 4.3 (796 reviews, unchanged since May, up 344 since Jan)
4. Jeeves
FAB Score = 167 (up 33 since Jan)
– 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; June 2024)
– Employees: 182 (Pitchbook), down 55 since Jan, down 55 since May ’23
– Articles: 30 (Crunchbase)
– LinkedIn: 29,000 followers (254 employees, down 8 since May, down 9 since Jan, down 5 since Oct ’23, up 15 since July ’23)
– Trustpilot: 3.9 (99 reviews up 10 since May, up 26 since Jan)
5. Spendesk
FAB score = 161 (down 8 since Jan)
– HQ: Paris
– Founded: 2016
– Raised: $312M including $110M in 2022 (Crunchbase)
– Valuation: $1.1B based on Jan 2022 round (FintechLabs)
– Website traffic: 380,000 (SimilarWeb; May 2024)
– Employees: 600 (Pitchbook, unchanged since Jan, down 25 since Oct, up 15 since July)
– Article citations: 67 (Crunchbase)
– LinkedIn: 41,000 followers (516 down 27 since May, down 74 since Jan, down 113 since July ’23)
6. Tribal
FAB Score = 134 (down 3 since Jan)
– HQ: SF
– Founded: 2016
– Raised $293M ($100M in 2022 and $150M debt in Oct 2023) (Crunchbase)
– Website visits: 10,000 (SimilarWeb, June 2024)
– Employees: 400 (Pitchbook, unchanged since May ’23)
– Articles: 20 (Crunchbase)
– LinkedIn: 26,000 followers (174 employees, down 14 since May, down 84 since Jan, down 147 since Oct ’23, down 129 since July ’23)
– Trustpilot: No reviews
7. Airbase (acquired by Paylocity 4 Sep 2024, subject to approval)
FAB Score = 111 (unchanged since Jan)
– HQ: SF
– Founded: 2017
– Raised $252M (including $161M in 2022) (Crunchbase)
– Website visits: 77,000 (June 2024, SimilarWeb)
– Employees: 464 (Pitchbook, up 8 since May, up 62 since Jan, up 61 since Oct ’23, up 191 since July ’23)
– Articles: 212 (Crunchbase)
– LinkedIn 48,000 followers (476 employees, up 17 since May, up 64 since Jan, up 79 since Oct ’23, up 154 since July ’23)
– G2: 4.8 (1,570 reviews, up 200 since Jan)
8 (tie). Bonsai
FAB Score = 99 (up 14 since Jan)
– HQ: San Francisco
– Founded: 2016
– Raised: $120,000+ (Crunchbase)
– Website traffic: 490,000 (June 2024, SimilarWeb)
– Employees: 51 (Linkedin)
– Articles: 9 (Crunchbase)
– LinkedIn followers: 4,000 (51 employees, up 1 since May, up 2 since Jan, up 2 since Oct ’23, up 19 since July ’23)
– Trustpilot: 4.3 (439 reviews, up 24 since Jan) <<< Highest Trustpilot score (tied)
8 (tie). Coast
FAB Score = 99 (up 28 since May)
– HQ: NYC
– Founded: 2020
– Raised: $166M including $40M in July 2024, $93M in March 2024, $28M in Feb 2022 (Crunchbase)
– Website traffic: 69,000 (June 2024, SimilarWeb)
– Employees: 103 (Pitchbook, up 4 since May)
– LinkedIn followers: 4,000 (103 employees, up 5 since May)
– Trustpilot: 3.7 (54 reviews, up 1 since May)
10. Parker
FAB Score = 85 (down 3 since Jan)
Founded: 2019
HQ: NYC
Raised: $157M in 2023 (Crunchbase)
Article citations: 1 (Crunchbase)
Employees: 37 (Pitchbook, unchanged since Jan, unchanged since Oct ’23, up 9 since July ’23)
Website visits: 12,000 (June 2024, SimilarWeb)
LinkedIn: 6,000 followers (79 up 2 since May, up 14 since Jan, up 22 since Oct ’23, up 43 since July ’23)
11. Karat
FAB Score = 49 (down 3 since Jan)
– HQ: LA
– Founded: 2019
– Raised: $101M (including $70M in July 2023) (Crunchbase)
– Website visits: 26,000 (June 2024, SimilarWeb)
– Employees: 56 (Pitchbook, unchanged since Oct, up 5 since April)
– Articles: 15 (Crunchbase)
– Linkedin: 9,000 followers (34 employees, down 1 since May, down 7 since Jan, down 20 since Oct ’23)
– Trustpilot: No reviews
12. Center
FAB Score = 37 (up 2 since Jan)
– HQ: Bellevue, WA
– Founded: 2016
– Raised $102M including $30M in 2023 and $15M in 2o22 (Crunchbase)
– Website visits: 19,000 (June 2024, SimilarWeb)
– Employees: 193 (Linkedin)
– Articles: 11 (Crunchbase)
– LinkedIn 5,000 followers (204 employees, up 5 since May, up 11 since Jan, up 11 since Oct ’23, up 34 since July ’23)
– G2: 4.6 (399 up 13 since May, up 62 since Jan)
13. TeamPay, acquired by Paystand (April 2024)
FAB Score = 28 (down 1 since Jan)
– HQ: NYC
– Founded: 2016
– Raised $65M, including $47M in 2022 (Crunchbase)
– Website visitors: 6,000 (June 2024 SEMrush; 13,000 SimilarWeb; May 2024)
– Employees: 63 (Pitchbook), unchanged since Oct ’23, down 24 since July ’23
– Articles: 15 (Crunchbase)
– LinkedIn: 4,000 followers (43 employees, up 4 since May, down 3 since Jan, down 8 since Oct ’23, down 20 since July ’23)
– G2 rating: 4.4 (190 reviews, unchanged since Jan)
14 (tie). Revenued
Fab Score = 8 (new)
– HQ: New Jersey
– Founded: 2015
– Raised: Unkown (Crunchbase)
– Website visits: 40,000 (June 2024, Similarweb)
– Employees:
– Articles: 6 (Crunchbase)
– Linkedin: 2,000 followers (29 employees)
– TrustPilot: 4.6 (731 reviews)
14 (tie). PEX Card
FAB Score = 8 (down 8 since Jan)
– HQ: NYC
– Founded: 2007
– Raised $9.9M (including $5M in 2024) (Crunchbase)
– Website visits: 58,000 (June 2024 SEMrush; 100,000 SimilarWeb; May 2024)
– Employees: 82 (Pitchbook, down 9 since Jan, down 8 since Oct ’23, down 4 since July ’23)
– Articles: 2 (Crunchbase)
– LinkedIn 11,000 followers (82 employees, down 1 since May, down 7 since Jan, down 7 since July ’23)
– Trustpilot: No reviews
16. Dash.fi (was FunnelDash)
FAB Score = 7 (up 4 since Jan)
– HQ: Austin
– Founded: 2016
– Raised $3.7 (Crunchbase)
– Website visits: 27,000 (SimilarWeb June 2024)
– Employees: 17 (LinkedIn, up 4 since July)
– Articles: 0 (Crunchbase)
– LinkedIn 740 followers (22 employees, up 2 since May, unchanged since Jan, up 5 since Oct ’23, up 9 since July ’23)
– G2: 4.6 (64 reviews, unchanged since Oct ’23)
17. Profit (was Swipedom), acquired by Paymentus
FAB Score = 6 (down 2 since Jan)
– HQ: NYC
– Founded: 2019
– Raised $1.5M (including $1M in 2021) (Crunchbase)
– Website visits: 8,600 (SimilarWeb; June 2024)
– Employees: 9 (Pitchbook, unchanged since July)
– Articles: 5 (Crunchbase)
– Linkedin: NA
– Trustpilot: No reviews
18. Bento for Business, acquired by US Bank (Aug 2021)
FAB Score = 4 (down 16 since Jan)
– HQ: NYC
– Founded: 2007
– Raised $24.5M (Crunchbase)
– Website visits: 8,000 (June 2024, SEMrush; 30,000 SimilarWeb; May 2024)
– Employees: 43 (Pitchbook, unchanged since April ’23)
– Articles: 43 (Crunchbase)
– LinkedIn: 2,000 followers (29 employees, down 10 since May, down 9 since Jan, down 18 since Oct ’23, down 14 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 $1.46B ($725M since Jan 2021) (Crunchbase)
– Website visits: 860,000 (SimilarWeb, Dec 2023)
– Employees: 1,150 (Pitchbook)
– Articles: 379 (Crunchbase)
– Linkedin: 140,000 followers (1,514 employees)
– Trustpilot: 3.0 (564 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: 96 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
Rho
– HQ: NYC
– Founded: 2018
– Raised $205M ($200M since Jan 2021) (Crunchbase)
– Website visits: 55,000 (SimilarWeb, Dec 2023)
– Employees: 200 (Pitchbook)
– Articles: 17 (Crunchbase)
– Linkedin: 7,000 followers (212 employees)
– Trustpilot: No reviews
