Startup neobank Mercury is challenging Brex and Ramp with its new bill pay and spend management software
Digital banking startup Mercury is enhancing its bank accounts with additional software capabilities, enabling its business customers to manage various financial tasks such as bill payments, invoicing, and employee reimbursements. This strategic move places Mercury in closer competition with rivals like Brex and Ramp, both of which have been vying for market dominance in the competitive fintech landscape.
Mercury, which has been providing banking services to startups and businesses since 2019, is expanding its offerings by integrating accounting automation and advanced bill pay features into its bank accounts. Additionally, it plans to introduce invoicing and employee reimbursement capabilities later this summer. With over 200,000 customers processing $4 billion in outgoing payments monthly through its platform, Mercury aims to meet the evolving needs of businesses by providing enhanced controls and seamless integration with accounting systems.
CEO and co-founder Immad Akhund highlighted the importance of catering to customers’ growing sophistication in managing financial operations. He emphasized Mercury’s commitment to continuously adding features to its banking platform to empower customers in managing their financial stack more efficiently.
Mercury’s latest moves position it in direct competition with a range of fintech companies, including Navan, Airbase, and Mesh Payments, as well as established players like Bill.com. Notably, it intensifies the rivalry with Brex, which offers similar banking services along with corporate cards, bill pay, and expense reimbursement solutions. Although initially focused on serving startups, Mercury has diversified its customer base over time, with e-commerce companies representing its second-largest segment. This expansion underscores Mercury’s ambition to serve a broader spectrum of businesses beyond the startup ecosystem, reflecting a trend observed across the fintech industry.
