# Mercury: Competitors and alternatives

Source: https://www.bankingnewsai.com/fintech/mercury/competitors
Last updated: Nov 2, 2026

*Part of the [Mercury AI strategy profile](https://www.bankingnewsai.com/fintech/mercury).*

## Who are Mercury's main competitors?

Mercury competes on two fronts. As a bank account for startups, it gained traction as a more tech-friendly alternative to traditional banks and benefited from the 2023 collapse of Silicon Valley Bank; JPMorgan Chase has since set out to build a true competitor to SVB as well as to Brex, Ramp and Mercury, quadrupling its startup client base to nearly 12,000 (CNBC, March 2026). As a finance platform, Mercury's bill pay and spend software put it in more direct competition with Brex and Ramp (TechCrunch, March 2025). Ramp is now the largest of them, with over $2 billion of annualized revenue, 85,000 customers and a $60 billion valuation in October 2026; Brex, with about 35,000 business clients, has belonged to Capital One since April 2026. In small-business banking, an AIVO study reported by American Banker in September 2026 found ChatGPT, Gemini and Perplexity recommended Mercury, Bluevine and Wise far more often than traditional banks; Mercury was recommended in 383 of 1,440 ChatGPT and Gemini conversations, more than 30 traditional banks combined. Bluevine, with about 175,000 active customers, agreed in September 2026 to be bought by Valley National for $340 million. Mercury itself has more than 450,000 customers (October 2026), reported $650 million of annualized revenue in the third quarter of 2025 and holds OCC conditional approval for Mercury Bank, N.A. On AI, Mercury launched Command and agent cards in 2026; Ramp embeds AI agents across procurement, expenses and accounting and issues a card for AI agents, and Brex runs four expense, review, audit and accounting agents. ([CNBC](https://www.cnbc.com/2026/05/20/fintech-mercury-valuation-fundraise-bank-charter.html), [CNBC](https://www.cnbc.com/2026/03/13/jpmorgan-silicon-valley-bank-startup-bank.html), [TechCrunch](https://techcrunch.com/2025/03/26/fintech-mercury-lands-300m-in-sequoia-led-series-c-doubles-valuation-to-3-5b/), [TechCrunch](https://techcrunch.com/2026/10/15/ramp-reaches-60b-valuation-as-it-pushes-deeper-into-ai), [American Banker](https://www.americanbanker.com/payments/news/capital-one-closes-brex-acquisition), [American Banker](https://www.americanbanker.com/news/why-ai-models-favor-fintechs-over-traditional-banks), [Banking Dive](https://www.bankingdive.com/news/valley-national-bank-acquire-fintech-bluevine-340m-small-business-banking/831503/), [Mercury via Business Wire](https://www.morningstar.com/news/business-wire/20261020220473/mercury-launches-ai-native-payroll), [Mercury via Business Wire](https://www.businesswire.com/news/home/20260427949683/en/Mercury-Receives-OCC-Conditional-Approval-to-Establish-Mercury-Bank-N.A), [Mercury](https://mercury.com/blog/introducing-mercury-command), [Mercury via Business Wire](https://finance.yahoo.com/news/mercury-launches-spend-agent-cards-150000097.html))

## How is Mercury positioned against banks and fintechs?

Mercury is private and publishes no competition statement. CNBC reported in May 2026 that it originally gained traction among startups as a more tech-friendly alternative to traditional banks, later benefited from the fallout of Silicon Valley Bank's collapse in 2023, and now aims to use AI to keep its lead in digital features for founders and small businesses. Its CEO said he has no plans to sell to a bank, as Brex did, and eventually wants Mercury to go public. ([CNBC](https://www.cnbc.com/2026/05/20/fintech-mercury-valuation-fundraise-bank-charter.html))

TechCrunch reported in March 2025 that Mercury's move to layer bill pay, invoicing and reimbursements onto its bank accounts put it in more direct competition with Brex and Ramp. Its planned national bank charter, conditionally approved by the OCC in April 2026, would let it expand lending, join Zelle and reduce reliance on partner banks Column and Choice Financial. ([TechCrunch](https://techcrunch.com/2025/03/26/fintech-mercury-lands-300m-in-sequoia-led-series-c-doubles-valuation-to-3-5b/), [CNBC](https://www.cnbc.com/2026/05/20/fintech-mercury-valuation-fundraise-bank-charter.html), [Mercury via Business Wire](https://www.businesswire.com/news/home/20260427949683/en/Mercury-Receives-OCC-Conditional-Approval-to-Establish-Mercury-Bank-N.A))

## Which companies compete with Mercury, and where?

One row per competitor, with the latest dated figure published for it in the sources cited. Customer counts use each company's own definition.

| Competitor | Where they compete | Dated scale figure | How they compare on AI | Sources | Sources |
| --- | --- | --- | --- | --- | --- |
| Ramp | Spend management, cards and bill pay for businesses; a direct rival once Mercury added bill pay and reimbursements | Over $2 billion annualized revenue, 85,000 customers and over $275 billion annualized purchase volume; $60 billion valuation (October 2026) | AI agents embedded in procurement, expense management, accounting and budgeting, and a corporate card designed for AI agents | TechCrunch | [TechCrunch](https://techcrunch.com/2025/03/26/fintech-mercury-lands-300m-in-sequoia-led-series-c-doubles-valuation-to-3-5b/), [TechCrunch](https://techcrunch.com/2026/10/15/ramp-reaches-60b-valuation-as-it-pushes-deeper-into-ai) |
| Brex (Capital One) | Corporate cards and spend management for startups; sold to Capital One, which closed the deal in April 2026 | About 35,000 business clients (April 2026) | Four agents: an expense agent that collects receipts, a review agent that checks policy, an auditing agent and an accounting agent that syncs charges to the ERP | TechCrunch; CNBC; American Banker | [TechCrunch](https://techcrunch.com/2025/03/26/fintech-mercury-lands-300m-in-sequoia-led-series-c-doubles-valuation-to-3-5b/), [CNBC](https://www.cnbc.com/2026/05/20/fintech-mercury-valuation-fundraise-bank-charter.html), [American Banker](https://www.americanbanker.com/payments/news/capital-one-closes-brex-acquisition) |
| JPMorgan Chase | Startup banking: set out after SVB's collapse to build a true competitor to SVB, Brex, Ramp and Mercury | Nearly 12,000 startup clients served by 550 bankers, a fourfold increase since 2023 (March 2026) | Cited most often by ChatGPT, Gemini and Perplexity in answers about small-business credit in the AIVO study (September 2026) | CNBC; American Banker | [CNBC](https://www.cnbc.com/2026/03/13/jpmorgan-silicon-valley-bank-startup-bank.html), [American Banker](https://www.americanbanker.com/news/why-ai-models-favor-fintechs-over-traditional-banks) |
| Bluevine | Digital banking, payments and lending for small businesses; recommended with Mercury and Wise by AI chatbots in the AIVO study | About 175,000 active small-business customers and $2.1 billion of deposits; being acquired by Valley National for $340 million, closing early 2027 | Valley says most of Bluevine's code is AI-generated and about 80% of inbound client inquiries are resolved by AI | Banking Dive; American Banker | [Banking Dive](https://www.bankingdive.com/news/valley-national-bank-acquire-fintech-bluevine-340m-small-business-banking/831503/), [American Banker](https://www.americanbanker.com/news/why-ai-models-favor-fintechs-over-traditional-banks) |
| Wise | Business accounts and international payments; one of the three fintechs "winning the 'who do I open an account with' conversation" in the AIVO study | $243.5 billion moved across borders for 18.9 million people and businesses in the year to March 31, 2026 | Machine learning completes 99% of its compliance checks in under one second; LLM copilots for financial crime and support teams | American Banker; Wise 20-F | [American Banker](https://www.americanbanker.com/news/why-ai-models-favor-fintechs-over-traditional-banks), [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/2099039/000119312526282911/d17323d20f.htm) |
| Silicon Valley Bank | Startup banking; Mercury captured billions of dollars of deposits after SVB's 2023 unraveling | Lost $42 billion of deposits before regulators seized it in March 2023 | Not described in the sources cited | Fast Company; CNBC | [Fast Company](https://www.fastcompany.com/91574324/mercury-launches-virtual-credit-cards-ai-agents), [CNBC](https://www.cnbc.com/2026/03/13/jpmorgan-silicon-valley-bank-startup-bank.html) |

## What companies are similar to Mercury?

Close alternatives for a startup or small business choosing an account, with why each is comparable.

| Company | Why it is similar | Sources | Sources |
| --- | --- | --- | --- |
| Ramp | A software-first finance platform for businesses that, like Mercury, issues cards to AI agents; it is larger by revenue and customers. | TechCrunch | [TechCrunch](https://techcrunch.com/2026/10/15/ramp-reaches-60b-valuation-as-it-pushes-deeper-into-ai) |
| Brex | A startup-focused card and spend platform with AI agents for expenses and accounting, now part of Capital One. | American Banker | [American Banker](https://www.americanbanker.com/payments/news/capital-one-closes-brex-acquisition) |
| Bluevine | A digital small-business bank account that AI chatbots recommend alongside Mercury, soon to be owned by Valley National. | American Banker; Banking Dive | [American Banker](https://www.americanbanker.com/news/why-ai-models-favor-fintechs-over-traditional-banks), [Banking Dive](https://www.bankingdive.com/news/valley-national-bank-acquire-fintech-bluevine-340m-small-business-banking/831503/) |
| Wise | A business account for companies that pay and get paid internationally, recommended with Mercury in the AIVO study. | American Banker; Wise 20-F | [American Banker](https://www.americanbanker.com/news/why-ai-models-favor-fintechs-over-traditional-banks), [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/2099039/000119312526282911/d17323d20f.htm) |
| JPMorgan Chase | The large bank that built a startup banking team of 550 bankers to compete with Mercury, Brex and Ramp. | CNBC | [CNBC](https://www.cnbc.com/2026/03/13/jpmorgan-silicon-valley-bank-startup-bank.html) |

## What does the Mercury profile record on this topic?

| Date | Move | Detail | Sources |
| --- | --- | --- | --- |
| Sep 16, 2026 | Mercury Books: AI-driven accounting | Double-entry accounting inside Mercury that uses AI to categorise and reconcile banking, card, invoicing and bill-pay activity as it happens, for over 300,000 customers. | [Mercury via Business Wire](https://www.morningstar.com/news/business-wire/20260916850195/mercury-launches-intelligent-accounting-with-mercury-books) |
| Aug 11, 2026 | Mercury Spend with AI Agent Cards | Budgets, self-enforcing policies, automated accounting and a new card type for AI agents, trackable, auditable and cancellable; Fast Company reports agent cards are integrated with Command. | [Mercury via Business Wire](https://finance.yahoo.com/news/mercury-launches-spend-agent-cards-150000097.html), [Fast Company](https://www.fastcompany.com/91574324/mercury-launches-virtual-credit-cards-ai-agents), [Mercury](https://support.mercury.com/hc/en-us/articles/51299754284948-Agent-cards-Giving-AI-agents-a-card-of-their-own) |
| Jun 16, 2026 | Mercury Command launches | AI built into the account that turns natural language into staged financial work, with every action reviewed, permission-governed and traceable; sensitive data kept away from the model. | [Mercury](https://mercury.com/blog/introducing-mercury-command), [Mercury](https://mercury.com/blog/security-principles-command) |
| May 20, 2026 | $200 million Series D at $5.2 billion | TCV-led; 300,000+ customers, one in three US startups, $650 million annualised revenue and four years of GAAP profitability; Akhund: 'AI is collapsing the friction between an idea and a company'. | [Mercury via Business Wire](https://www.businesswire.com/news/home/20260520511817/en), [CNBC](https://www.cnbc.com/2026/05/20/fintech-mercury-valuation-fundraise-bank-charter.html), [American Banker](https://www.americanbanker.com/news/mercury-raises-200-million-after-occ-bank-charter-approval) |
| Apr 24, 2026 | OCC preliminary conditional approval for Mercury Bank, N.A. | Corporate Decision #1372 grants preliminary conditional approval and residency waivers; final approval requires FDIC insurance and Federal Reserve membership. | [Office of the Comptroller of the Currency](https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1372.pdf), [Mercury via Business Wire](https://www.businesswire.com/news/home/20260427949683/en/Mercury-Receives-OCC-Conditional-Approval-to-Establish-Mercury-Bank-N.A) |
| Dec 19, 2025 | Mercury applies for an OCC national bank charter | Application to the OCC for a national bank charter and to the FDIC for deposit insurance, framed as the next step toward a regulated, software-led institution for its then 200,000-plus customers. | [Mercury via Business Wire](https://finance.yahoo.com/news/mercury-applies-occ-national-bank-133000501.html) |

## Common questions

### Who are Mercury's biggest competitors?

Ramp and Brex in business cards and spend software, which TechCrunch named as Mercury's direct rivals once it added bill pay; JPMorgan Chase, which set out after SVB's collapse to compete with SVB, Brex, Ramp and Mercury for startups; and Bluevine and Wise, which AI chatbots recommend alongside Mercury for small-business accounts.

### What companies are similar to Mercury?

Ramp and Brex are the closest software-first finance platforms for startups, though Brex now belongs to Capital One. Bluevine and Wise offer business accounts that AI models recommend with Mercury, and JPMorgan Chase is the large bank that built a dedicated startup team of 550 bankers to compete for the same founders.

### Mercury vs Brex vs Ramp: how do they differ?

Mercury began as a business bank account and is becoming a bank, with OCC conditional approval in April 2026. Ramp is a spend platform with over $2 billion of annualized revenue and 85,000 customers in October 2026. Brex, with about 35,000 clients, was acquired by Capital One in April 2026. All three now sell AI agents or agent cards.

### Why do AI chatbots recommend Mercury?

In an AIVO study reported by American Banker in September 2026, researchers posing as small-business owners held 2,160 conversations with ChatGPT, Gemini and Perplexity. Mercury was recommended in 383 of 1,440 ChatGPT and Gemini conversations, more than 30 traditional banks combined, and fintechs drew 1,345 recommendations against 452 for banks.

### Is Mercury a bank?

Not yet. Its deposits are held through partner banks Choice Financial Group and Column Bank, and the OCC granted preliminary conditional approval for Mercury Bank, N.A. on April 24, 2026, with FDIC and Federal Reserve approvals still pending. A charter would let it expand lending, join Zelle and rely less on partner banks.
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