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 (Aug ’24) |
| 1 | 1 | Ramp | 1083 | 1 Oct 24 | 2019 | NYC | $1,826 | 2,000,000 |
| 2 | 2 | Expensify | 410 | 1 Oct 24 | 2008 | SF | $401 | 1,800,000 |
| 3 | 3 | Bill (FKA Divvy) | 209 | 1 Oct 24 | 2016 | Utah | $418 | 740,000 |
| 4 | 4 | Jeeves | 178 | 1 Oct 24 | 2019 | NYC | $441 | 98,000 |
| 5 | 5 | Spendesk | 155 | 1 Oct 24 | 2016 | Paris | $312 | 350,000 |
| 6 | 6 | Tribal Credit | 133 | 1 Oct 24 | 2016 | SF | $293 | 4,700 |
| 7 | 7 | Airbase (Paylocity) | 109 | 1 Oct 24 | 2017 | SF | $252 | 66,000 |
| 8 | 8t | Coast | 103 | 1 Oct 24 | 2020 | NYC | $166 | 86,000 |
| 9 | 8t | Bonsai | 91 | 1 Oct 24 | 2016 | SF | $0.1 | 450,000 |
| 10 | 10 | Parker | 85 | 1 Oct 24 | 2019 | NYC | $157 | 12,000 |
| 11 | 11 | Karat | 60 | 1 Oct 24 | 2019 | SF | $101 | 83,000 |
| 12 | 12 | Center | 40 | 1 Oct 24 | 2018 | Seattle | $102 | 33,000 |
| 13 | 13 | Teampay | 29 | 1 Oct 24 | 2016 | NYC | $65 | 11,000 |
| 14 | 14t | PEX Card | 18 | 1 Oct 24 | 2007 | NYC | $9.9 | 110,000 |
| 15t | 14t | Revenued | 7 | 1 Oct 24 | 2015 |
New Jersey
|
35,000 | |
| 15t | 18 | Bento for Business (US Bank) | 7 | 1 Oct 24 | 2014 | SF | $25 | 21,000 |
| 17 | 17 | Profit (was Swipedom) | 5 | 1 Oct 24 | 2019 | NYC | $1.5 | 4,800 |
| 18 | 16 | Dash.fi (was FunnelDash) | 4 | 1 Oct 24 | 2016 | Austin | $3.7 | 12,000 |
Source: Compiled by FintechLabs, 1 Oct 2024, from Crunchbase, SEMrush, SimilarWeb
“Was” = rank on 31 July 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: 2.0M (SimilarWeb, Aug 2024) <<<< Highest (tie)
– Employees: 991 (Pitchbook, up 292 since Jan, up 61 from Oct ’23, up 333 since July ’23) <<<< Highest
– Articles: 118 (Crunchbase)
– LinkedIn: 141,000 followers (1,044 employees, down 231 since July, up 271 since Jan, up 321 since July ’23)
– G2: 4.8 (2,030 reviews, up 60 since July)
2. Expensify
FAB Score = 390 (up 60 since Jan)
– HQ: SF
– Founded: 2008
– Raised $401M (prior to 2022) (Crunchbase)
– Annual Revenue: $139M (TTM)
– Market cap: $172M (NASDAQ:EXFY, 27 Sep 2024)
– Website visits: 1.8M (SimilarWeb, Aug 2024)
– 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 (228 employees, down 6 since July, down 18 since Jan, down 20 since Oct ’23, down 13 since July ’23)
– TrustRadius: 7.5 (394 reviews, up 3 since July)
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 >> 740,000 (SimilarWeb, Aug 2024)
Bill.com >> 4.5 million (SimilarWeb, Aug 2024)
– Employees: 443 (Pitchbook), unchanged since May
– Articles: 86 (Crunchbase)
– LinkedIn 35,000 followers (215 employees, down 41 since July, down 97 since Jan, down 134 since Oct ’23, down 235 since July ’23)
– Trustpilot: 4.3 (796 reviews, unchanged since May)
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: 98,000 (SimilarWeb; Aug 2024)
– Employees: 182 (Pitchbook), down 55 since Jan, down 55 since May ’23
– Articles: 31 (Crunchbase)
– LinkedIn: 31,000 followers (259 employees, up 5 since July, down 4 since Jan, unchanged since Oct ’23, up 20 since July ’23)
– Trustpilot: 4.0 (101 reviews up 2 since July)
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: 350,000 (SimilarWeb; Aug 2024)
– Employees: 1,000 (Pitchbook, up 400 since July, up 400 since Jan, up 375 since Oct ’23, up 415 since July ’23)
– Article citations: 69 (Crunchbase)
– LinkedIn 42,000 followers (494 employees, down 22 since July, down 96 since Jan, down 135 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: 4,700 (SimilarWeb, Aug 2024)
– Employees: 400 (Pitchbook, unchanged since May ’23)
– Articles: 22 (Crunchbase)
– LinkedIn: 26,000 followers (172 employees, down 2 since July, down 86 since Jan, down 149 since Oct ’23, down 131 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: 66,000 (Aug 2024, SimilarWeb)
– Employees: 464 (Pitchbook, up 8 since May, up 62 since Jan, up 61 since Oct ’23, up 191 since July ’23)
– Articles: 217 (Crunchbase)
– LinkedIn 49,000 followers (45 employees, down 18 since July, up 46 since Jan, up 61 since Oct ’23, up 136 since July ’23)
– G2: 4.7 (1,590 reviews, up 20 since July)
8 (tie). Bonsai
FAB Score = 99 (up 14 since Jan)
– HQ: San Francisco
– Founded: 2016
– Raised: $120,000+ (Crunchbase)
– Website traffic: 450,000 (Aug 2024, SimilarWeb)
– Employees: 55 (Linkedin)
– Articles: 9 (Crunchbase)
– LinkedIn followers: 4,000 (55 employees, up 4 since July, up 6 since Jan, up 6 since Oct ’23, up 23 since July ’23)
– Trustpilot: 4.1 (446 reviews, up 7 since July)
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: 86,000 (Aug 2024, SimilarWeb)
– Employees: 107 (Pitchbook, up 4 since July, up 8 since May)
– LinkedIn followers: 4,000 (109 employees, up 6 since Aug, up 11 since May)
– Trustpilot: 3.6 (56 reviews, up 2 since July)
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 (Aug 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: 83,000 (Aug 2024, SimilarWeb)
– Employees: 56 (Pitchbook, unchanged since Oct, up 5 since April)
– Articles: 16 (Crunchbase)
– Linkedin: 9,000 followers (32 employees, down 2 since July, down 9 since Jan, down 22 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: 33,000 (Aug 2024, SimilarWeb)
– Employees: 193 (Linkedin)
– Articles: 15 (Crunchbase)
– LinkedIn 5,000 followers (199 employees, down 5 since July, up 6 since Jan, up 6 since Oct ’23, up 29 since July ’23)
– G2: 4.6 (412 up 13 since July)
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: 11,000 SimilarWeb; Aug 2024)
– Employees: 63 (Pitchbook), unchanged since Oct ’23, down 24 since July ’23
– Articles: 15 (Crunchbase)
– LinkedIn 4,000 followers (38 employees, down 5 since July, down 8 since Jan, down 13 since Oct ’23, down 25 since July ’23)
– G2 rating: 4.4 (203 reviews, up 13 since July)
14 (tie). Revenued
Fab Score = 8 (new)
– HQ: New Jersey
– Founded: 2015
– Raised: Unkown (Crunchbase)
– Website visits: 35,000 (Aug 2024, Similarweb)
– Employees:
– Articles: 8 (Crunchbase)
– Linkedin: 2,300 followers (27 employees, down 2 since July)
– TrustPilot: 4.7 (783 reviews, up 52 since July)
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; 110,000 SimilarWeb; Aug 2024)
– Employees: 83 (Pitchbook, up 1 since July, down 8 since Jan, down 7 since Oct ’23, down 3 since July ’23)
– Articles: 2 (Crunchbase)
– LinkedIn 12,000 followers (84 employees, up 2 since July, down 5 since Jan, down 5 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: 12,000 (SimilarWeb Aug 2024)
– Employees: 17 (LinkedIn, up 4 since July)
– Articles: 0 (Crunchbase)
– LinkedIn 820 followers (31 employees, up 9 since July, up 9 since Jan, up 14 since Oct ’23, up 18 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: 4,800 (SimilarWeb; Aug 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: 21,000 (SimilarWeb; Aug 2024)
– Employees: 43 (Pitchbook, unchanged since April ’23)
– Articles: 43 (Crunchbase)
– LinkedIn 2,000 followers (26 employees, down 3 since July, down 12 since Jan, down 21 since Oct ’23, down 17 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
