Startup neobank Mercury is taking on Brex and Ramp with new bill pay, spend management software
Summary
The additional features puts the company in even more direct competition with the likes of Brex and Ramp, two rival fintechs that have for years been fighting for market share in an increasingly crowded space. “Our plan is to continue to add more of these kinds of building blocks to the bank and to [customers’] financial stack.” 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. The new software “includes the ability to establish finer approval controls and accounting integrations so all invoice activity is automatically recorded properly,” the company told TechCrunch. “So we’re launching with more of the business enterprise resource planning (ERP)-type features built on top of the money movement aspects of bill pay that we already had.” Access to the new workflows is free until August 1. 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.
