Startup neobank Mercury is taking on Brex and Ramp with new bill pay, spend management software
Reading Time: 2 minutesMercury says that it has over 200,000 customers sending $4 billion in outgoing payments every month via its platform.
Competitively speaking, the moves pit Mercury up against fintech companies beyond just Brex and Ramp such as Navan, Airbase and Mesh Payments, as well as incumbents such as Bill.com, which also offers an invoicing solution.
In particular, it positions Mercury in even more direct competition with Brex, which also offers bank accounts, corporate cards, bill pay and expense reimbursement. The two companies were among the fintechs that benefited the most when Silicon Valley Bank imploded in 2023 — although Brex’s growth surge was reported to have stalled some last year.
New workflows
With the advanced bill pay software, customers will be able to pay bills directly from their bank accounts with features such as AI populating bill details, duplicate bill detection and the ability to approve payments on mobile and via Slack.
On top of that, the company is also now providing accounting automations, including a new NetSuite integration, that will allow for things like categorizing and syncing bills and expenses when they are initiated.
This summer, Mercury will also offer businesses the ability to build professional invoices, allow customers to pay with credit cards or directly from their bank (via ACH) and the ability to send automated invoice reminders. They also will be able to set up reimbursement policies and monitor spend.
Access to the new workflows is free until August 1. After that, the company will offer a variety of paid plans depending on the size of a company and its needs — ranging from $35 to $350 a month.
Like other digital banks, Mercury is not itself a bank. It provides banking services through partners Choice Financial Group and Evolve Bank & Trust. It began offering a corporate credit card about 18 months ago.
Square alum Dan Kang, who serves as Mercury’s VP of finance, said that the types of customers that Mercury has makes the company ripe for offering additional products.
The expansion into software is not the only branching out that Mercury has done as of late. The startup also recently expanded into personal banking. Besides earning revenue off of interchange fees and the interest rate spread, Mercury will make money through that new offering by charging users an annual subscription fee of $240 upon the first deposit.
The moves all come at an interesting time for Mercury, which made headlines earlier this year for being the target of federal scrutiny around its practice of allowing foreign companies to open accounts through one of its partners, Choice Bank, according to a report by The Information.
Ref: techcrunch
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