The first pure-play online bank, Security First Network Bank (SFNB), launched in 1995, just a year after Amazon. But unlike ecommerce, digital-only banking was slow to catch on. The legacy banks (Wells Fargo, Bank of America, et al) maintained market share by providing digital services deemed “good enough” to retain customers loath to switch banks.
But that began changing in the mid-2010s, first in the UK, then elsewhere as well-financed digital players started making inroads with consumers. There was Monzo, Revolut, Starling, Nubank, Chime, just to name a few. But we still haven’t seen a breakout small business bank, partly because of the love/hate relationship business owners have with big banks.
In the adjacent SMB lending space (see our Top 30 Digital Lenders list), top brands such as Square (Block), Paypal, Amazon, Brex, and others have grabbed significant share. But there is not yet a place where small businesses flock to get deposit, payment, and financing needs met in a single interface.
So who are the best digital challenger business banks? Let’s start with our definition.
- Centered around deposit and debit/charge card services (eliminates Bluevine and most SMB lenders)
- Core business is small-business financial services (eliminates Paypal, Amazon, Block
- Primarily digitally delivered (rules out Wells Fargo, BofA, and the majority of traditional banks*)
- Founded since 1999
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)
The FAB Score (Fintech Attention Barometer) is a proxy for the size of a private fintech company.
Leading Digital Small Business Banks (United States)
ranked by our FAB score (Fintech Attention Barometer**)
Rank | Company | FAB** | Reviewed | Founded | HQ | Funding ($M***) | Visits (Oct’24) |
1 | Mercury | 424 | 19 Nov 24 | 2017 | SF | $152 | 2,000,000 |
Ad* | US Bank | NA | 19 Nov 24 | 1863 | Minneapolis | NA | 27,000,000 |
Ad* | Rho | 53 | 19 Nov 24 | 2018 | NYC | $205 | 103,000 |
2 | NOVO | 269 | 19 Nov 24 | 2016 | NYC | $296 | 660,000 |
3 | Relay | 182 | 19 Nov 24 | 2018 | Toronto | $52 | 800,000 |
4 | Found | 157 | 19 Nov 24 | 2019 | SF | $121 | 490,000 |
5 | Arc | 115 | 19 Nov 24 | 2021 | SF | $181 | 94,000 |
6 | NorthOne | 56 | 19 Nov 24 | 2016 | NYC | $90 | 91,000 |
7 | Lili | 54 | 19 Nov 24 | 2018 | NYC | $80 | 200,000 |
8t | Rho | 53 | 19 Nov 24 | 2018 | NYC | $205 | 103,000 |
8t | Baselane | 53 | 19 Nov 24 | 2020 | NYC | $7.9 | 220,000 |
10 | Grasshopper | 45 | 19 Nov 24 | 2016 | NYC | $172 | 26,000 |
11 | Viably | 44 | 19 Nov 24 | 2021 | NC | $71 | 12,000 |
12 | Slash | 35 | 19 Nov 24 | 2020 | SF | $19 | 100,000 |
13 | Every (NEW) | 28 | 19 Nov 24 | 2021 | SF | $32 | 31,000 |
14 | Meow | 27 | 19 Nov 24 | 2021 | NYC | $27 | 38,000 |
15 | Winden | 9 | 19 Nov 24 | 2021 | LA | $5.3 | 3,600 |
16 | ZilBank | 9 | 19 Nov 24 | 2021 | Dallas | $0 | 17,000 |
17 | Arival | 7 | 19 Nov 24 | 2018 | Miami, FL | $11 | 4,300 |
Sources: FintechLabs, Pitchbook, Crunchbase, SimilarWeb; 19 Nov 2024
*Our business model depends on revenue from referrals and sponsors. When you see a referral link in the URL, we may earn a fee for new accounts (thanks!). This can improve visibility on our website, but does not impact the company’s FAB score.
** The FAB score, Fintech Attention Barometer, is a proxy for the overall size of a private company since they typically do not release traditional metrics (# customers, deposits, AUM, etc). The score is based on VC funding, website traffic, mobile downloads, and the number of employees. It’s a work in progress, so expect changes in the formula.
***Funding is the amount invested into the company as either equity or debt.
Best Small Business New-Account Bonuses (United States)
ranked by BV (bonus value)*
Company | Offer | BV* (Value) | Product | Min Deposit | Min Days | Expires | Other fine print |
Citibank | $2,000 | $1,137 | Checking | $200,000 | 45 | 7 Jan 25 | Varies by zip |
Citibank | $1,500 | $1,068 | Checking | $100,000 | 45 | 7 Jan 25 | Varies by zip |
Huntington Bank | $1,000 | $885 | Checking: Unlimited Plus | $20,000 | 60 | 7 Jan 25 | |
Citibank | $750 | $664 | Checking | $20,000 | 45 | 7 Jan 25 | Varies by zip |
US Bank | $900 | $641 | Checking: Platinum | $30,000 | 90 | 15 Jan 25 | |
M&T Bank | $1,500 | $637 | Checking | $100,000 | 90 | 31 Dec 25 | |
Associated Bank | $750 | $635 | Checking: Choice | $20,000 | 60 | 30 Jun 25 | |
BMO | $750 | $606 | Checking | $25,000 | 60 | 1 Feb 25 | |
Horizon Bank | $800 | $584 | Checking | $25,000 | 90 | Min 20 trans | |
Central Bank | $500 | $500 | Checking | $3,000 | 1 | 31 Jan 25 | |
M&T Bank | $750 | $491 | Checking | $30,000 | 90 | 31 Dec 25 | |
TD Bank | $500 | $486 | Checking | $2,500 | 60 | 30 Nov 24 | Min 25 trans |
Huntington Bank | $400 | $386 | Checking: Unlimited | $5,000 | 30 | 7 Jan 25 | |
PNC Bank | $400 | $383 | Checking | $2,000 | 90 | 31 Dec 24 | Min 20 trans |
Associated Bank | $400 | $371 | Checking: Balanced | $5,000 | 60 | 30 Jun 25 | |
M&T Bank | $500 | $371 | Checking | $15,000 | 90 | 31 Dec 25 | |
US Bank | $400 | $357 | Checking: Silver | $5,000 | 90 | 15 Jan 25 | |
Horizon Bank | $400 | $357 | Checking | $5,000 | 90 | Min 20 trans | |
Flushing Bank | $2,500 | $342 | Checking | $250,000 | 90 | ||
BMO | $350 | $327 | Checking | $4,000 | 60 | 1 Feb 25 | |
Guaranty Bank | $300 | $299 | Checking | $0 | 1 | 8 Dec 24 | Must stay open 30 days |
Bluevine | $300 | $299 | Checking | $6,000 | 1 | 31 Dec 24 |
Must spend $2k/mo with debit card
|
Chase | $300 | $294 | Checking | $2,000 | 30 | 16 Jan 25 | Min 5 trans |
Citibank | $300 | $278 | Checking | $5,000 | 45 | 7 Jan 25 | Varies by zip |
Lilli | $300 | $271 | Checking | $5,000 | 60 | 31 Dec 24 | Min 5 trans |
American Express | $300 | $271 | Checking | $5,000 | 60 | None |
Min 5 trans; Reward is 30,000 points
|
M&T Bank | $300 | $257 | Checking | $5,000 | 90 | 31 Dec 25 | |
Mercury | $250 | $249 | Checking | $10,000 | 1 | None | |
PNC Bank | $500 | $241 | Treasury Management | $30,000 | 90 | ||
Bank of America | $200 | $171 | Checking | $5,000 | 60 | 31 Dec 24 | |
PNC Bank | $1,000 | $137 | Treasury Management | $100,000 | 90 | ||
Flushing Bank | $1,000 | $137 | Checking | $100,000 | 90 | ||
Huntington Bank | $100 | $94 | Checking 100 | $2,000 | 30 | 7 Jan 25 | |
Associated Bank | $100 | $88 | Checking: Access | $2,000 | 60 | 30 Jun 25 | |
Flushing Bank | $500 | $68 | Checking | $50,000 | 90 | ||
Flushing Bank | $150 | $64 | Checking | $10,000 | 90 | ||
Axos Bank | $300 | $12 | Checking | $25,000 | 120 | 2 Jan 24 | Min 10 trans |
Axos Bank | $400 | -$175 | Checking | $50,000 | 120 | 2 Jan 24 | Min 10 trans |
Sources: FintechLabs, 1 Nov 2024
*BV calculated assuming an alternative use of cash with a 3.5% annual return
Challenger SMB Banks Currently Active in the United States
1. Mercury Technologies
FAB Score = 424 (unchanged from Oct)
HQ: San Francisco Bay Area
Founded: 2017
Partner banks: Choice Financial Group, Evolve Bank & Trust, and a network of 20 banks to hold excess deposits; Patriot Bank (IO card issuer)
Traction
– More than 200,000 customers (Techcrunch, May 2024)
– Current run rate of $4B in payments per month (Techcrunch, May 2024); $50B processed in 2022, double the $23B in 2021
– Raised $152M (Crunchbase) including $120M in 2021
– Valuation: $1.7B (based on July 2021 round); $1.6B based on Q3 ’23 secondary market sales
– Website visits: 2.0 million (Oct. 2024; SimilarWeb) <<<< Most website traffic
– Employees: 882 (Pitchbook), unchanged since Aug, up 154 since March, up 201 since January, up 213 since August ’23
Social
– Articles: 20 (Crunchbase)
– LinkedIn 53,000 followers (987 up 6 since Oct, up 35 since Sep, up 93 since Aug, up 181 since May)
– iOS app: 4.9 (5,500 reviews, up 200 since Oct)
– Trustpilot: 3.5 (1,130 reviews, up 20 since Oct)
2. Novo
FAB Score: 269 (down 10)
HQ: NYC
Founded: 2016
Traction
– Raised $296M including $125M in Aug 2023, $125M in 2022, and $41M in 2021 (Crunchbase)
– Website visits: 660,000 (Oct 2024; SimilarWeb)
– Employees: 437 (Pitchbook), up 14 since Sep, up 14 since June, up 30 since May, down 8 since Mar
– Integrations: Wise, Xero, Slack
Social
– LinkedIn: 32,000 followers (445 employees, up 4 since Oct, up 12 since Aug, up 35 since May, up 52 since Mar)
– Articles: 280 (Crunchbase)
– Industry awards: 4 (Novo)
– Trustpilot: 4.4 (4,210, up 10 since Oct)
– iOS app: 4.8 (16,200 reviews, up 400 since Oct)
3. Relay
FAB Score: 182 (down 4)
– HQ: Toronto
– Founded: 2018
– Partner bank: Thread
Traction
– Raised $51.6 including $32M in 2024, $15M in 2021 (Crunchbase)
– Website visits: 800,000 (SimilarWeb, Oct 2024)
– Employees: 199 (Pitchbook), unchanged from July, up 47 since May, up 57 since Feb, up 71 since Nov ’23
Social
– LinkedIn: 10,000 followers (236 employees, up 12 since Oct, up 36 since Sep, up 40 since June, up 62 since May)
– Trustpilot: 4.6 (1,920 reviews, up 60 since Oct)
– iOS: 4.8 (1,500 reviews, up 100 since Sep)
4. Found
FAB Score = 157 (up 2)
HQ: San Francisco Bay Area
Founded: 2019
BaaS partner: LendingClubBank
Traction:
– Raised $121M including $46M in June 2024; $60M in Feb 2022; $12.75M in 2021 (Crunchbase)
– Website visits: 490,000 (SimilarWeb, Oct 2024)
– Employees: 115 (Pitchbook), up 22 since Aug, up 20 since October ’23
Social:
– LinkedIn: 5,000 followers (119 employees, up 1 since Oct, up 4 since Sep, up 7 since Aug, up 26 since June)
– Trustpilot: 4.3 (606 reviews, up 21 since Oct)
– iOS: 4.8 (20,100 reviews, up 600 since Oct) <<<Most iOS reviews
5. Arc
Fab Score = 115 (up 1)
HQ: SF
Founded: 2021
Banking services provider: Piermont Bank
Traction:
– Raised: $181M in 2022 (Crunchbase)
– Website visits: 94,000 (SimilarWeb, Oct 2024)
– Employees: 45 (Pitchbook), unchanged since Nov ’23
Social:
– Articles: 2 (Crunchbase)
– LinkedIn 12,000 followers (328 employees, down 2 since Oct, up 5 since Sep, up 264 since June, up 280 since Mar, up 305 since Jan, up 310 since Nov ’23)
6. NorthOne
FAB Score: 56 (up 4)
HQ: NYC/Toronto
Founded: 2016
Traction:
– Raised $90M including $67M in Oct 2022 (Crunchbase)
– Website visits: 91,000 (SimilarWeb, Oct 2024)
– Employees: 60 (Pitchbook), down 1 since Sep, down 1 since May, down 2 since Mar, down 3 since Feb, down 3 since August ’23
Social:
– Articles: 33 (Crunchbase)
– LinkedIn 10,000 followers (57 employees, down 1 since Oct, down 4 since Sep, down 6 since May, down 5 since Mar, down 3 since Jan, down 5 since Nov ’23)
– Trustpilot: 4.5 (198 reviews, up 4 since Oct)
– iOS app: 4.7 (2,800 reviews, up 100 since Sep
7. Lili
FAB Score = 54 (up 4)
HQ: NYC
Founded: 2018
Traction:
– Raised $80M including $55M in 2021 (Crunchbase)
– Website visits: 200,000 (SimilarWeb, Oct 2024)
– Employees: 89 (Pitchbook), up 1 since Sep, up 1 since June, down 16 since May, down 16 since Nov ’23
Social:
– Articles: 25 (Crunchbase)
– Linkedin: 15,000 followers (101 employees, up 4 since Oct, up 11 since Sep, up 15 from June, up 33 since Feb, down 140 since Feb)
– TikTok: 234,000 followers; 600,000 likes (unchanged for a year)
– Trustpilot: 4.7 (3,320 reviews, up 60 since Oct)
8(tie). Rho
FAB Score = 53
HQ: NYC
Founded: 2018
Traction:
– Raised $205M ($200M since Jan 2021) (Crunchbase)
– Website visits: 103,000 (SimilarWeb, Oct 2024)
– Employees: 198 (Pitchbook), down 2 from Dec 2023
Social:
– Articles: 18 (Crunchbase)
– Linkedin: 11,000 followers (205 employees, down 7 from Dec ’23)
– Trustpilot: 3.6 (21 reviews)
– G2: 4.8 score (111 reviews)
– iOS store: 4.8 score, 37 reviews
8 (tie). Baselane
FAB Score: 53 (up 10)
HQ: NYC
Founded: 2020
Traction:
– Raised: $7.9M in 2021 (Crunchbase)
– Website visits: 220,000 (SimilarWeb, Oct 2024)
– Employees: 44 (Pitchbook), up 3 since Sep, up 8 since May, up 8 since Mar, up 13 since Feb, up 15 since Nov ’23
Social:
– Articles: 5 (Crunchbase)
– LinkedIn 2,400 followers (44 employees, down 1 since Sep, up 4 since July, up 8 since June, up 11 since Jan, up 14 since Nov ’23)
10. Grasshopper Bank
FAB Score = 45 (down 3)
HQ: NYC
Founded: 2016
Traction:
– Raised $172M including $10M in Jan 2024, $30M Aug 2022 (Crunchbase)
– Assets: $620 million (12/31/22), 2.1x growth year over year (source: company)
– Deposits: $550 million (12/31/22), 2.2x growth year over year
– Loans: $450 million (12/31/22), 3.6x growth year over year
– Revenues: $17 million (2022), 2.4x growth year over year
– Website visits: 45,000 (SimilarWeb, Oct 2024)
– Employees: 119 (Pitchbook), unchanged since Feb, up 18 since August ’23
Social:
– Articles: 36 (Crunchbase)
– LinkedIn 26,000 followers (117 employees, down 2 since Oct, down 2 since Sep, down 4 since Aug, down 2 since June, down 7 since Mar, down 2 since Jan, up 4 since Nov ’23)
– Trustpilot: 4.1 (184 reviews, up 4 since Oct)
11. Viably
FAB Score: 44 (unchanged)
HQ: Charlotte, NC
Founded: 2016
Traction:
– Raised $71M including $50M (debt) in 2023 and $21M in 2022 (Crunchbase)
– Website visits: 12,000 (SimilarWeb, Oct 2024)
– Employees: 37 (Pitchbook), down 2 since Oct, up 1 since Sep, up 3 since May, up 3 since Mar, up 6 since Jan, up 3 since Nov ’23
Social:
– Articles: 9 (Crunchbase)
– Linkedin: 1,400 followers (38 employees, down 1 since Oct, unchanged since Sep, up 1 since Aug, up 3 since May, up 3 since Mar, up 7 since Jan, up 6 since Nov ’23)
– iOS app: NA
12. Slash
FAB Score = 35 (up 13)
HQ: SF
Founded: 2020
Traction:
– Raised: $19M in 2023 (Crunchbase)
– Website visits: 100,000 (Similarweb, Oct 2024)
– Employees: 21 (Pitchbook), up 3 since Sep, up 3 since Jan, up 2 since Nov ’23
Social:
– Article: 1 (Crunchbase)
– LinkedIn: 1,000 followers (25 employees, up 3 since Oct, up 4 since Sep, up 5 since Aug, up 8 since Jan, up 7 since Nov ’23)
13. Every
FAB Score = 28 (NEW)
HQ: San Francisco
Founded: 2022
Traction:
– Funding: $32M (Crunchbase)
– Employees: 20 (Pitchbook)
– Website visits: 31,000 (SimilarWeb, Oct 2024)
Social:
– LinkedIn 3,600 followers (137 employees)
– Articles: 6 (Crunchbase)
14. Meow
FAB Score: 27 (unchanged)
– HQ: NYC
– Founded: 2021
– Banking service providers: FirstBank, Grasshopper Bank, Third Coast Bank
Rates (APY)
Top: 5.0% Treasuries/4.80% FDIC insured (11 Dec 2023**)
Minimum Balance: none
Traction
– Raised: $27 million including $22 million in 2022 (Crunchbase)
– Employees: 27 (Pitchbook), unchanged since Sep, up 2 since May, up 2 since Mar, unchanged since Nov ’23
– Website visits: 38,000 (SimilarWeb, Oct 2024)
– Linkedin: 7,000 followers
15. Winden
FAB Score = 9 (down 1)
HQ: LA
Founded: 2021
Traction:
– Raised: $5.3M in 2022 (Crunchbase)
– Employees: 20 (Pitchbook), unchanged since August
– Website visits: 3,600 (SimilarWeb, Oct 2024)
Social:
– Articles: 2 (Crunchbase)
– LinkedIn 2,000 followers (6 employees, unchanged since Sep, down 3 since Aug, down 7 since May, down 8 since Mar, down 10 since Jan and Nov ’23)
– Trustpilot: No reviews
16. Zilbank
FAB Score = 9 (down 2)
HQ: Grand Rapids, MI
Founded: 2021
Traction:
– Funding: INA (Crunchbase)
– Employees: 6 (Linkedin)
– Website visits: 17,000 (SimilarWeb, Oct 2024)
Social:
– LinkedIn 2,600 followers (5 employees, up 1 since July, unchanged since May, down 1 since Jan, unchanged since Nov ’23)
– Articles: 6 (Crunchbase)
17. Arival
FAB score: 7 (unchanged)
HQ: Miami, FL
Founded: 2018
Traction:
– Raised: $10.8M including $5M in 2021 (Crunchbase)
– Website visits: 4,300 (Similarweb, Sep 2024)
– Employees: 40 (Pitchbook), unchanged since Aug, down 4 since July, unchanged since May, down 3 since Nov ’23
Social:
– Articles: 6 (Crunchbase)
– LinkedIn 15,000 followers (46 employees, down 1 since Sep, up 1 since Aug, up 2 since June, up 4 since Mar, up 6 since Feb, up 4 since Nov ’23)
Other SMB checking accounts at companies whose core business is not SMB banking
Bluevine
FAB Score = 296
HQ: San Francisco
Founded: 2013
Traction
– Raised: $769M prior to 2021 (Crunchbase)
– Valuation: $1B+ (estimate)
– Website visits: 940,000 (SimilarWeb, Sep 2024)
– Employees: 592 (Pitchbook), down 26 since Sep, down 14 since May, up 8 since Mar, up 14 since Nov ’23
– Articles: 133 (Crunchbase)
Social
– LinkedIn 58,000 followers (593 employees, down 4 since Oct, up 2 since Sep, down 19 since June, down 6 since Mar, unchanged since Jan, up 13 since Nov ’23)
– Trustpilot: 4.3 (8,180 reviews, up 40 since Oct)
AngelList Banking
FAB Score = 181
HQ: San Francisco
Founded: 2010
Traction
– Raised: $170M including $144M in 2022 (Crunchbase)
– Valuation $4B
– Website visits: 550,000 (SimilarWeb, Sep 2024)
– Articles: 1,790 (Crunchbase)
Unlaunched or No Longer Listed
Guava (pivoted to community July 2024)
Fab Score = 4 (unchanged)
HQ: NYC
Founded 2018
Banking services provider: Piermont Bank
Traction:
– Raised: $3.1M including $650k in Feb 2023 (Crunchbase)
– Website visits: 4,000 (SimilarWeb, Sep 2024)
– Employees: 10 (Pitchbook), unchanged since August ’23
Social:
– LinkedIn: 2,000 followers (14 employees, down 2 since Oct, down 2 since Mar, down 1 since Feb, unchanged since Jan, down 3 since Nov ’23)
– Articles: None (Crunchbase)
Moves (CLOSED May 2024)
FAB Score: 11 (down 5)
HQ: Dover, DE
Traction:
– Raised: $6.6M including $4.8M in 2022 (Crunchbase)
– Website visits: 19,000 (Similarweb, May 2024)
– Employees: 17 (Pitchbook), unchanged since Mar, down 25 since Feb, down 28 since Nov
Social:
– Articles: 10 (Crunchbase)
– Linkedin: 2,000 followers (15 employees, unchanged since May, down 1 since Mar, down 9 since Feb, down 20 from Jan, down 29 since Nov ’23)
Lance (pivoted to Sequence spend management Sep 2023)
FAB Score: 7 (NEW)
HQ: NYC
Founded: 2018
Traction:
– Raised: $4.7M (Crunchbase)
– Website visits: <5,000 (Similarweb, Sep 2023)
– Employees: 31 (Pitchbook)
Social:
– Articles: 7 (Crunchbase)
– Linkedin: 1,200 followers (81 employees)
Vergo (pivoted to spend management for construction industry Sep 2023)
FAB Score = 10 (down 6)
HQ: NYC
Founded: 2021
Traction:
– Raised $4.2M including $4.1M in June 2022 (Crunchbase)
– Website visits: less than 5,000 (SimilarWeb, Sep 2023)
– Employees: 29 (Pitchbook)
Social:
– Articles: 3 (Crunchbase)
– Linkedin: 1,300 followers (25 employees, unchanged)
– Trustpilot: NA
LiveOak Bank (discontinued business checking Aug 2023)
FAB Score = 45 (down 6)
HQ: Wilmington, NC
Founded: 2008
Traction:
Raised: $152 million (Crunchbase)
Revenue (TTM): $392M (Yahoo)
Valuation: $1.4B (Public; 30 Aug 2023, up $100M since 14 July)
Website visits: 150,000 (Similarweb, July 2023)
Employees: 886 (Pitchbook), unchanged
Social:
Articles: 3 (Crunchbase)
Linkedin: 18,000 followers (915 employees, up 9 since May)
Trustpilot: 4.2 (70 reviews, up 37)
Oxygen (removed Feb 2023, because they appear to be more focused on consumers)
FAB Score = NA
– HQ: San Francisco Bay Area
– Founded: 2018
– Raised $45M including $20M in 2023 (Crunchbase)
– Website visits: 230,000 (SimilarWeb, Jan 2023)
– Employees: 92 (Pitchbook), down 5 since March
– Articles: 22 (Crunchbase)
– Linkedin: 5,700 followers (97 employees, up 2 since March)
– Trustpilot: 3.3 (192 reviews)
– iOS app: 4.8 (24,100 reviews)
Zifi (Zions Bank)
Pivoted to card processing provider (April 2023)
– HQ: Salt Lake City, UT
– Founded: 2022
– Raised: NA (unit of Zions Bank)
– Website visits: 24,000 (SEMrush, April 2023); 4,300 (SimilarWeb)
– Linkedin: 267 followers (12 employees, up 12 since March)
Challengers Closed to New Accounts
Nearside (formerly Hatch) (removed Feb 2023)
Note: Plastiq acquired Nearside in Nov ’22 for a reported $130M and is shutting down its banking services
FAB Score = 66 (down 2)
– HQ: SF
– Founded: 2018
– Raised $73M including $58M in 2021 (Crunchbase)
– Website visits: 8,000 (SimilarWeb, April 2023)
– Employees: 57 (Pitchbook), unchanged
– Articles: 5 (Crunchbase)
– Linkedin: 1,500 followers (24 employees, down 15 since March)
– TrustPilot: no reviews
– iOS: 4.3 (183 reviews)
Solid (was Wise) >> pivoted to Fintech as a Service in 2021
FAB Score: NA
– HQ: SF
– Founded: 2018
– Raised $18M prior to 2021 (Crunchbase)
– Website visits: 1.9 million (Mar 2022; SEMrush)
– Employees: 126 (Pitchbook)
– Articles: 4 (Crunchbase)
– Linkedin: 2,020 followers (56 employees)
Joust (acquired by ZenBusiness, 30 July 2020; currently referring customers to Radius Bank)
– Target: Freelancers
– HQ: Austin, TX
– Founded: 2017
– Raised: $11M (Crunchbase)
– Website visits: Unknown
– Employees: 18 (Pitchbook)
– Citations: 5 (Crunchbase)
– Twitter followers: 448
– Trustpilot: NA
– iOS: 4.1 (28 reviews)
Seed (Acquired by Cross River Bank currently closed to new customers)
– HQ: San Francisco Bay Area
– Founded: 2014
– Raised $5.2M (2015) (Crunchbase)
– App downloads (last 30 days): 425 (Apptopia)
– Website visits: 210 (May 2021; SEMrush)
– Number of employees: 12 (Pitchbook)
– Citations: 4 (Crunchbase)
– Twitter: 810 followers
Addendum: Other SMB/SME challenger banks around the world (not a definitive list):
UK
- Alicia Bank – Raised $147M in Nov 2021
- CountingUp
- Allca Bank — was CivilizedBank
- Redwood Bank
- Tide – Raised $195M (through Nov 2021)
- OakNorth – Raised $1B (through Nov 2021); first SMB banking unicorn
Germany
- Kontist – Raised $48 million (through Nov 2021)
- Penta – Raised $83 million (through Nov 2021)
Australia
- Judo(public)
- Volt
- Zeller – Raised A$50M in June 2021
France
Rest of world
- Holvi – Finland: Acquired by BBVA March 2016
- Juni – Sweden: Serving ecommerce companies. Raised $21.5M A-round July 2021
- Tochka – Russia