Fintechs Threaten Banks in B2B Commercial Cards
Fintech firms like Brex and Ramp are outpacing legacy banks in adopting new technology, according to payment experts.
The commercial card space has significant growth potential, with a market size of over $4 trillion. However, fintech rivals are gaining an advantage over banks in tapping this market.
"Without a thoughtful response, banks will continue to bleed market share,"
said Brian Muse-McKenney, chief revenue officer at Episode Six. According to Datos Insights, spending on commercial cards is expected to increase to over $6 trillion by 2029, up from over $4 trillion in 2023.
- Fintech firms like Brex and Ramp are leading in B2B commercial cards.
- Commercial card market size: over $4 trillion.
- Projected spending by 2029: over $6 trillion.
Author's summary: Fintechs outpace banks in B2B commercial cards.
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