5 Best Brex Alternatives for Startups in 2024

Man looking at Brex alternatives.

Finding the right financial solution can make all the difference for a startup company. While Brex is a popular choice, there are several other competitors to consider that could be a better fit for your startup. 

These Brex alternatives not only vary in terms of credit card offerings but also in the breadth of their financial services, such as different account management tools, expense tracking features, and reward structures. As you navigate through the financial landscape, having a solid understanding of Brex competitors will ensure you're able to select an option that best meets your startup's unique needs.

Best Brex Alternative: Mercury

Top Alternatives to Brex

Looking for the top alternatives to Brex available today can be an overwhelming undertaking, but with careful research, you'll find numerous options with distinctive features that can cater directly to the needs of your startup. 

From business banking to automated bill pay, there's a wealth of Brex alternatives to help your startup thrive financially.

1. Best Banking Alternative: Mercury

In the landscape of startups and small businesses, banking might not be the first concern on your mind; however, there’s no question that it’s a crucial aspect of every startup's journey. Mercury is an impressive and innovative banking services provider that emerges as one of the best Brex alternatives for this purpose.

Mercury has revolutionized the way startups handle their financial operations. They streamline business banking, applying takes just 10 minutes, and their services far exceed traditional banks in the technology sector. Unlike conventional banks, Mercury is a financial technology company that operates in partnerships with Choice Financial Group and Evolve Bank & Trust. 

This backing from FDIC-insured partners provides a secure and safe banking experience for your startup.

  • Mercury caters to startups of all sizes and maturity levels. Whether you're just starting your journey or you're a seasoned entrepreneur, Mercury has got you covered.
  • They have helped over 100,000 startups in their early stages, establishing their credibility in the market.
  • They extend their services to both venture-backed startups and bootstrapped startups. It doesn't matter how you fund your dream – they have solutions that could cater to you.
  • The target customer base extends to startups, ecommerce companies, and venture capital firms. So regardless of the sector your startup belongs to, Mercury could be the banking solution tailored for you.
  • To open an account with Mercury, you need a US company with a federal EIN, official formation documents, and a government ID photo for verification.
  • They accept both US and international addresses for the principal place of business, with residential addresses being acceptable. However, PO boxes or UPS boxes can't serve as principal addresses.

With these features and more, Mercury offers a much-needed fresh approach to startup banking. Give your growing business the banking solution it deserves; let Mercury take care of your financial needs while you focus on transforming your startup into a successful enterprise.

2. Top Corporate Card Alternative: BILL Divvy

BILL Divvy is one of the top corporate card alternatives to Brex for startup companies. What really stands out about BILL Divvy is its robust offering of spend and expense management services. Possessing all the attributes you would expect from a modern fintech, BILL Divvy manages to provide an exceptional corporate card experience without skipping a beat on its additional features.

BILL Divvy offers businesses a credit line that ranges anywhere from $500 to as high as $5 million, which demonstrates their commitment to serving businesses of all sizes. Using its intuitive platform, business owners can easily request funds, set budgets, and manage the spending habits of their team while maintaining complete control over company finances.

Here are some highlights of what BILL Divvy offers as an alternative to Brex:

  • Credit lines range from $500 to $5 million and are subject to approval upon application.
  • The corporate card is issued by Cross River Bank, which is a member of FDIC, ensuring security and reliability.
  • The card can be utilized for a company's expenses, which are then effortlessly integrated into BILL's spend management system.
  • The spend and expense management system allows users to track budgets and financial movements in real time, thereby promoting responsible spending habits.

A significant advantage of BILL over other providers like Brex is its user-friendly software. Their platform allows businesses to track expenses hassle-free. To put the cherry on top, applying for a credit line with BILL Divvy is done entirely online through a simple application process, making this platform an ideal choice for startups seeking flexibility and convenience.

All things considered, BILL has shaped up to be one of the best Brex alternatives by seamlessly blending traditional corporate card services with innovation. With these features in tow, startups will find BILL Divvy to be a promising new companion in their financial journey.

3. Best Bill Pay Alternative: Relay

Relay is also high on the list of reliable Brex alternatives for startups looking for a more streamlined and efficient business banking and accounts payable platform. What Relay brings to the table is not just a digital financial platform but a unified system that caters specifically to the changing needs of growing businesses. It's an app that’s built to automate and simplify the otherwise complicated bill payment process that is often a bone of contention for startups.

At the heart of Relay's offering are features that integrate a business's banking and bill payment processes seamlessly, making it a robust alternative to Brex. Its key features include automated bill approval rules for teams, an option for same-day ACH transfers, provisions for free wires, and FDIC-insured accounts being a cherry on top. These aspects work in harmony to eliminate the need for a separate, more expensive accounts payable tool.

Notable benefits of Relay:

  • An upgrade to Relay Pro further extends its range of offerings by including more sophisticated features like ACH, wire, check payments, payment consolidation, and even currency exchange for wires.
  • Relay gives the user power to organize payees and their payment in one place making management easier and more convenient.
  • Its compatibility with accounting platforms like QuickBooks and Xero means unpaid bills can be automatically synced.
  • Relay's accounts payable dashboard is excellent since multiple bills can be paid quickly and effortlessly.
  • Relay is praised by users who appreciate its flexible banking options, user-friendly interface, and responsive customer service.

All in all, Relay brings together the desirable elements of business banking functions like multiple checking accounts, cards for teams, different payment options, and personalized support. This makes it stand out as an excellent bill pay alternative to Brex for startups.

4. Top Expense Management Alternative: Ramp

If you're on the hunt for Brex alternatives on the expense management side, you might want to take a closer look at Ramp

This robust expense management software is designed with the goal of streamlining, automating, and optimizing expense processes for companies. With a specific focus on the needs of startups, Ramp is more than just an expense tracker; it's a comprehensive financial tool that empowers companies to take control of their expenses and make strategic financial decisions.

Ramp provides corporate cards for employees, which come with built-in spending policies. This feature serves as a preventive barrier against unauthorized purchases, ensuring that your company funds are used appropriately. More than just controlling purchases, Ramp also makes it possible for companies to pre-build budgets and tailor approval workflows for expense requests. This means your startup can have a more efficient, seamless, and customized expense management process.

Here's what sets Ramp apart as an alternative to Brex:

  • Ramp routes transactions, generates receipts, and handles recurring items automatically. You don't need to worry about manual expense reports anymore.
  • Noncompliant expenses are flagged, and potential fraud or errors are caught without human review of every item. If needed, Ramp can enforce policies through reminders, repayment requests, and even auto-locking cards.
  • Ramp can integrate with your existing accounting systems to speed up expense reconciliation and close your monthly accounts quickly.
  • The software provides real-time spend reporting and insights. This is crucial for startups as it lets you see where your money goes in real time and helps you make informed financial decisions.

If you choose Ramp as a Brex alternative, you're ensuring a smooth expense management process for your startup while also gaining insights that can positively impact your financial strategies.

5. Best Financial Modeling Alternative: Jirav

Jirav financial modeling software is designed to make the creation and updating of financial forecasts and budgets far easier and less prone to error than traditional methods like Excel. It offers a comprehensive suite of tools that are tailor-made to help your startup manage its finances efficiently and accurately.

What sets Jirav apart is its distinctive approach to building detailed financial plans and models. You no longer have to waste time on copying/pasting or tracing errors. Instead, you can let your unique business metrics guide your predictions by creating custom drivers and formulas. This software opens up new possibilities for startups who need more accurate forecasts.

Key Features of Jirav:

  • You have the power to create simple or sophisticated revenue models, including the ability to project deferred revenue backlog.
  • It simplifies workforce planning by linking key drivers, such as the number of sales reps driving new revenue or how revenue influences new support hires.
  • Jirav automatically generates three-way financial statements such as income statements, balance sheets, and cash flow statements.
  • The software gives you the ability to forecast cash flows months or even years into the future and tweak models as necessary to reflect changing assumptions and their associated impacts on cash flows.
  • It offers departmental budgets that roll up into the company plan with customized reports, allowing for easy tracking and accountability.
  • Capital expenditures and depreciation can be modeled and linked to specific drivers like headcount or production units.