In the last six 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 late last year and is now worth $1.5B (though it was valued at nearly $5B shortly after its 10 Nov 2021 IPO).

Below is a list of the 17 challenger business credit cards currently active in the United States. Two have been acquired by large banks in 2021 (Capital One bought Lola and US Bancorp acquired Bento for Business) and will stay on this list as long as they operate as independent brands.

Challenger of the Month

ramp charge card logo

Website  |  HQ: NYC  |  Founded: 2019  |  Valuation: $8.1B  |  Raised: $1.4B (including $750M in 2022)  |  Website visits (June 2022): 980,000  |  Employees: 402  |  Article citations: 37  |  Linkedin: 40,000 followers

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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 (updated 22 Aug 2022)
ranked by FAB score (Fintech Attention Barometer*)

Rank Was Company FAB Score* Reviewed Founding HQ Funding ($M)** Visits (Sep ’22)
1 1 Ramp 864 24 Oct ’22 2019 NYC $1,360 980,000
2 2 Expensify 500 24 Oct ’22 2008 SF $401 1,600,000
3 3 Jeeves 203 24 Oct ’22 2019 NYC $368 85,000
4 4 Divvy (Bill.com) 184 24 Oct ’22 2016 Utah $418 320,000
5 6 Airbase 133 24 Oct ’22 2017 SF $252 81,000
6 New Bonsai 101 24 Oct ’22 2016 0.1 500000
7 5 Tribal Credit 83 24 Oct ’22 2016 SF $143 69,000
8 8 Center 36 24 Oct ’22 2018 Seattle $65 9,400
9 7 Karat 33 24 Oct ’22 2019 SF $46 39,000
10 (t) 9 Bento for Business (US Bank) 22 24 Oct ’22 2014 SF $25 87,000
10 (t) 10 PEX Card 22 24 Oct ’22 2007 NYC $5 140,000
12 11 Lola (Capital One) 13 24 Oct ’22 2015 Boston $82 7,300
13 12 Teampay 10 24 Oct ’22 2016 NYC $21 30,000
14 13 Dash.fi (was FunnelDash) 6 24 Oct ’22 2016 Austin $4 14,300
15(t) 14(t) Profit (was Swipedom) 4 24 Oct ’22 2019 NYC $1 130
15(t) 14(t) Comcard 4 24 Oct ’22 2019 LA $0 100

Source: Compiled by FintechLabs, 24 Oct 2022, from Crunchbase, SEMrush, SimilarWeb
“Was” = rank on 20 Aug 2022

Notes:

*FAB score = Fintech Attention Barometer, a proprietary measure of company size calculated by Fintech Labs. Inputs primarily include funding, website traffic and employee count.
**Expensify is more known for expense management but introduced a corporate charge card in Oct 2019.
***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 = 864 (unchanged since Aug 2022)
– HQ: NYC
– Founded: 2019
– Valuation: $8.1B (based on Feb 2022 round) <<< Highest
– Raised $1.4B total <<< Highest
–  Raised $1.3B since Jan 2021 (Crunchbase) <<< Highest
– Website visits (Aug 2022): 980,000 (SimilarWeb)
– Employees: 402 (Pitchbook) <<< Highest
– Articles: 43 (Crunchbase)
Linkedin: 46,800 followers (472 employees)
G2: 4.7 (837 reviews)

2. Expensify
FAB Score = 500 (unchanged from Aug 22)
– HQ: SF
– Founded: 2008
– Raised $401M ($363 in since Jan 2021) (Crunchbase)
– Market cap: $940M (NASDAQ:EXFY)
– Website visits (Sep 2022): 1.6M (SimilarWeb) <<<< Highest
– Employees: 194 (Pitchbook)
– Articles: 391 (Crunchbase)
Linkedin: 11,800 followers (179 employees)
TrustRadius: 8.2 (321 reviews) (Note: TrustPilot scores not valid at this time).

3. Jeeves
FAB Score = 203 (down 9)
– HQ: NYC
– Founded: 2018
– Raised $368M ($363M since Jan 2021) (Crunchbase)
– Website visits (Sep 2022): 85,000 (SimilarWeb)
– Employees: 237 (Pitchbook)
– Articles: 14 (Crunchbase)
Linkedin: 15,800 followers (237 employees)
Trustpilot: 3.7 (34 reviews)

4. Divvy (acquired by Bill.com)
FAB Score = 184 (down 10)
– HQ: Utah
– Founded: 2016
– Valuation: $2.5B (June 2021 exit)
– Raised $418M ($165M since Jan 2021) (Crunchbase)
– Website visits (Sep 2022): 320,000 (SimilarWeb)
– Employees: 443 (Pitchbook)
– Articles: 77 (Crunchbase)
Linkedin: 30,600 followers (717 employees)
Trustpilot: 2.7 (277 reviews)

5. Airbase 
FAB Score = 133 (no change)
– HQ: SF
– Founded: 2017
– Raised $252M ($221M since Jan 2021) (Crunchbase)
– Website visits (Sep 2022): 81,000 (SimilarWeb)
– Employees: 273 (Pitchbook)
– Articles: 180 (Crunchbase)
Linkedin: 36,100 followers (298 employees)
G2: 4.8 (1,163 reviews) <<< Highest

6. Bonsai
FAB Score = 101 (new)
– HQ: San Francisco
– Founded: 2016
– Raised: $120,000+
– Website traffic: 500,000 (Sep 2022, SimilarWeb)
– Employees: 34 (Pitchbook)
– Linkedin followers: 1,930
– Trustpilot score: 4.8 (210 reviews)

7. Tribal Credit
FAB Score = 83 (down 10)
– HQ: SF
– Founded: 2016
– Raised $143M ($134M since Jan 2021) (Crunchbase)
– Website visits (June 2022): 69,000 (SimilarWeb)
– Employees: 400 (Pitchbook)
– Articles: 14 (Crunchbase)
Linkedin: 22,000 followers (387 employees)
– Trustpilot: No reviews

8. Center
FAB Score = 36 (up 6)
– HQ: Bellevue, WA
– Founded: 2016
– Raised $65.3 including $60.3M since Jan 2021 (Crunchbase)
– Website visits (Sep 2022): 9,400 (SimilarWeb)
– Employees: 133 (Linkedin)
– Articles: 2 (Crunchbase)
Linkedin: 1,300 followers (133 employees)
G2: 4.6 (210 reviews)

9. Karat
FAB Score = 33 (down 1)
– HQ: LA
– Founded: 2019
– Raised: $45.6 ($41 since Jan 2021) (Crunchbase)
– Website visits (Sep 2022): 39,000 (SimilarWeb)
– Employees: 51 (Pitchbook)
– Articles: 4 (Crunchbase)
Linkedin: 3,500 followers (52 employees)
– Trustpilot: No reviews

10 (tie). Bento for Business (acquired by US Bank, Aug 2021)
 FAB Score = 22 (down 5)
– HQ: NYC
– Founded: 2007
– Raised $24.5M ($6M since Jan 2021) (Crunchbase)
– Website visits (Sep 2022): 87,000 (SimilarWeb)
– Employees: 32 (Pitchbook)
– Articles: 42 (Crunchbase)
Linkedin: 1,600 followers (37 employees)
Trustpilot: 2.0 (102 reviews)

10 (tie). PEX Card
FAB Score = 22 (up 2)
– HQ: NYC
– Founded: 2007
– Raised $4.9M ($0 in past 12 months) (Crunchbase)
– Website visits (Sep 2022): 140,000 (SimilarWeb)
– Employees: 92 (Pitchbook)
– Articles: 2 (Crunchbase)
Linkedin: 6,400 followers (92 employees)
– Trustpilot: No reviews

12. Lola (acquired by Capital One, 2021)
FAB Score = 13 (down 4) 
– HQ: Boston
– Founded: 2018
– Raised $81.7M (prior to 2021) (Crunchbase)
– Website visits (June 2022): 7,300 (SimilarWeb)
– Employees: 57 (Pitchbook)
– Articles: 4 (Crunchbase)
Linkedin: 6,600 followers (13 employees)
Trustpilot: 4.1 (215 reviews) <<< Highest Trustpilot score

13. TeamPay
FAB Score = 10 (down 2)
– HQ: NYC
– Founded: 2016
– Raised $21M (prior to 2021) (Crunchbase)
– Website visitors (Sep 2022): 30,000 (SimilarWeb)
– Employees: 100 (Pitchbook)
– Articles: 6 (Crunchbase)
Linkedin: 3,200 followers (101 employees)
G2 rating: 4.3 (96 reviews)

14. Dash.fi (was FunnelDash)
FAB Score = 6 (up 1)
– HQ: Austin
– Founded: 2016
– Raised $3.7 ($3.2M since Jan 2021) (Crunchbase)
– Website visits (June 2022): 14,300 (SimilarWeb)
– Employees: 26 (LinkedIn)
– Articles: 0 (Crunchbase)
Linkedin: 290 followers (25 employees)
G2: 4.5 (63 reviews)

15 (tie). Profit (was Swipedom)
FAB Score = 4 (unchanged)
– HQ: NYC
– Founded: 2019
– Raised $500k (prior to 2021) (Crunchbase)
– Website visits (Sep 2022): 130 (SEMrush)
– Employees: 11 (Pitchbook)
– Articles: 4 (Crunchbase)
Linkedin: 260 followers (90 employees)
– Trustpilot: No reviews

15 (tie). Comcard
FAB Score = 4 (unchanged)
– HQ: LA
– Founded: 2019
– Raised $200k (prior to 2021) (Crunchbase)
– Website visits (Sep 2022): 100 (SEMrush)
– Employees: 4 (Linkedin)
– Articles: 1 (Crunchbase)
Linkedin: 90 followers (4 employees)
– Reviews: NA

 


Unranked (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 (June 2022): 900,000 (SimilarWeb)
– Employees: 1,200 (Pitchbook)
– Articles: 299 (Crunchbase)
Linkedin: 89,600 followers (1,335 employees)
Trustpilot: 3.6 (541 reviews)

Mercantile
– HQ: NYC
– Founded: 2021
– Raised $22M in 2022 (Crunchbase)
– Website visits (Sep 2022): 630 (SEMrush)
– Articles: 4 (Crunchbase)
– Employees: 13 (LinkedIn) INA (Pitchbook)
Linkedin: 179 followers (13 employees)
– No Trustpilot profile

Rho
– HQ: NYC
– Founded: 2018
– Raised $205M ($200M since Jan 2021) (Crunchbase)
– Website visits (June 2022): 46,000 (SimilarWeb)
– Employees: 128 (Pitchbook)
– Articles: 21 (Crunchbase)
Linkedin: 4,000 followers (177 employees)
– Trustpilot: No reviews