Startup neobank Mercury launches new bill pay and spend management software to compete with Brex and Ramp

Digital banking startup Mercury is enhancing its bank accounts with software features, allowing business customers to pay bills, invoice clients, and reimburse employees. The company is expanding its offerings to include accounting automation, sophisticated bill pay features, invoicing, and employee reimbursement, which will be integrated with its bank accounts. Mercury boasts over 200,000 customers who send $4 billion in outgoing payments monthly through its platform.

CEO Immad Akhund stated that the goal is to continue adding building blocks to the bank and customers' financial stack. Mercury faces competition from fintech companies like Navan, Airbase, and Mesh Payments, as well as established players like Bill.com. The introduction of new software features puts Mercury in direct competition with Brex, which also offers similar financial solutions.

Mercury's customer base has evolved beyond startups, with e-commerce companies being the second largest segment. The company's latest offerings include advanced bill pay software with AI capabilities, invoice automation, and NetSuite integration. Business customers can create professional invoices, set up reimbursement policies, and monitor expenses, with access to new workflows available for free until August 1.

Mercury partners with Choice Financial Group and Evolve Bank & Trust to provide banking services, including a corporate credit card. The company also recently expanded into personal banking, charging users an annual subscription fee for additional services. Despite facing federal scrutiny earlier this year, Mercury continues to innovate and grow its product offerings to meet customer needs and drive business operations forward.