The tech startup credit card shakeup: What 1,700+ businesses reveal about the best cards for 2025

Your choice of business credit card says more about your startup than you think. After analyzing spending patterns from over 1,700 tech companies, we found a market in dramatic flux—and some clear winners emerging.

The two-horse race nobody talks about

Here's what surprised us: Just two companies now control 91 percent of the tech business credit card market. Brex and Ramp have essentially carved up the startup world between them, leaving traditional banks scrambling for scraps.

Current market leaders (May 2025):

• Brex: 54.5% market share (757 companies)
• Ramp: 36.0% market share (500 companies)
• American Express: 15.6% market share (217 companies)
• Everyone else: Under 9% combined

But here's the twist—this wasn't always the case.

The great migration is happening now

Three years ago, Brex dominated with nearly 70 percent market share. Today? They're hemorrhaging customers to Ramp at an alarming rate.

The numbers don't lie:

• Brex has lost 14.9 percentage points since 2022
• Ramp has gained 11.5 percentage points in the same period
• Mercury Credit Card exploded from 0.5% to 8.7% market share

What's driving this massive shift? Tech founders are getting pickier about their financial partners. They want more than just a credit card—they want integrated spend management, better reporting, and software that actually talks to their other tools.

Why traditional banks are losing the startup game

American Express holds steady at 15.6 percent, but every other traditional player is in decline. Chase, Bank of America, and Capital One barely register in the tech space.

The reason is simple: Traditional banks built their business credit cards for law firms and consulting companies, not software startups burning through venture capital. They don't understand the unique cash flow patterns of tech companies or the need for granular spending controls across remote teams.

The new players changing everything

Mercury Credit Card and Rippling Spend Management represent the next wave. Mercury jumped from virtually zero to 8.7 percent market share in three years by focusing specifically on startups and early-stage companies.

Rippling's approach is different—they're bundling credit cards with payroll and HR systems. For tech companies already using Rippling for people management, adding spend management is a no-brainer.

What this means for your business

If you're still using a traditional bank credit card, you're probably overpaying and under-utilizing. The data shows tech companies are abandoning traditional cards for good reason.

If you're choosing between Brex and Ramp, know that the market is actively voting with their wallets. Ramp's consistent growth suggests they're solving problems that Brex isn't.

If you're an early-stage startup, consider Mercury. Their rapid market share growth indicates they're building specifically for companies like yours.

The bottom line

Your credit card isn't just about earning points—it's about cash flow management, expense tracking, and financial visibility. The tech companies thriving in 2025 are using financial tools built for their specific needs, not generic solutions designed for every business type.

The data shows a clear trend: Tech founders are gravitating toward specialized financial partners who understand their world. The question isn't whether you should switch—it's whether you can afford not to.

This analysis is based on anonymized credit card usage data from 1,700+ tech companies tracked over three years. Want to see how your financial stack compares to other tech companies? We help startups and SMBs make sense of their finances so they can focus on growth.