Everyone loves a startup (aka challenger bank), especially when it’s a company you are already inclined to root for because of its origin story, geographic location, or just plain likeability. However, when it comes to trusting someone with your money, many small business owners prefer to deal with someone they know personally, even if it means not getting the latest online banking features or the best interest rate.

If you want the best digital services and don’t need a local presence, take a look at our digital challenger bank list (here). But if you are more interested in a local connection, check out our “Big Bank” list below (note: A few of the big players are primarily digital, e.g., PayPal, Square, and Shopify). Most have a pretty large branch base if that is something you value.


Challenger of the Month*

Mercury Bank

Banking for what you’re building. Startups of all sizes rely on Mercury.

Apply in just 10 minutes!

HQ: SF  |  Founded: 2017  |  Raised $136M (including $120M in 2021)  |  Valuation: $1.7 billion | Website visits: 2.2 million/month  | Employees: 728  |  Article citations: 20  |  Linkedin: 37,000 followers | Trustpilot: 3.9 (822 reviews) | iOS app: 4.9 (3,800 reviews)


Resources: Looking for digital banks, lenders, payment providers, insurance or digital accounting for small businesses? Check out our latest lists: Small Business (SMB) savings/treasury accounts (7) | SMB online lenders (33) | SMB challenger banks (15) | SMB insurers (15) | SMB charge cards/expense management (16) | Billpay & invoicing (16)Payment processors (7) | Subscription processors (7) | SMB digital accounting/bookkeeping (21)

 


Table: Largest Traditional Banks & Card Issuers Serving U.S. Small Businesses
ranked by monthly website visits

Rank Company Website Traffic (M) Assets ($B)
1 Chase 183 $3,390
2 CapitalOne 144 $469
3 Wells Fargo 116 $1,700
4 Bank of America 104 $2,470
5 Citibank 75 $1,660
6 US Bank 31 $657
7 Navy FCU 27 $168
8 PNC Bank 25 $553
9 BMO 25 $261
10 Truist 21 $535
11 TD Bank 13 $366
12 Regions Bank 11 $153
13 Fifth Third Bank 10 $212
14 Huntington Bank 9.1 $186
15 Citizens Bank 9.0 $225
16 M&T Bank 8.3 $209
17 Key Bank 7.8 $186
18 BECU 4.6 $29
19 First Citizens 4.0 $214
20 Santander Bank 3.3 $99
21 Flagstar Bank 2.8 $111
22 First Horizon 2.6 $82
23 Mercury Bank 2.4
24 America First CU 2.3 $18
24 Comerica 2.0 $86
25 Umpqua Bank 1.6 $52
26 Zions Bank 1.3 $87
27 Synovus 1.3 $59
28 Frost Bank 1.3 $49
29 HSBC (USA) 1.1 $161
30 First Tech FCU 1.1 $17
Cards/Payments
1 PayPal 341
2 Shopify 157
3 American Express 84 $175
4 Square 50

Source: FintechLabs,  29 April 2024; SimilarWeb, SEMRush, Federal Reserve

Website traffic is the consensus number of monthly visits according to Similarweb and SEMRush.
Assets in US$ billions as of 30 Sep 2023 per US Federal Reserve

*FintechLabs is sponsor supported; companies buying ads or paying referral fees may receive prominent mention