Category: Account Opening/Onboarding

Digital Accounting Services

Companies of all sizes need bookkeeping and accounting services. And it’s an ideal service to consume digitally. When I started reporting on the space in the mid-90s, I thought banks would end up delivering the bulk of basic accounting functions through their online banking programs.

But so far I’ve been proven wrong. There is too much nuance, too many gray areas, too much liability and too much competition for traditional banks to make a material profit. So the market has been ceded to the entrepreneurs, and wow, have they shown up!

It’s been a popular startup category with 16 of the top 21 companies founded since 2012.

Years since founding:
10 to 20 years >>> 4 startups
5 to 9 years >>> 9 startups
1 to 4 years >>> 8 startups

The FAB Score Ranking (Fintech Attention Barometer) is a proxy for the size of a private fintech company.

Learn MoreFAB Score*FoundedFunding $MVisits (Dec 21)
http://fintechlabs.com/wp-content/uploads/2022/07/efb4e8e59f4b57042413f90ca9e0ced6.pngXendoo4Miami20164.710,000Apply
http://fintechlabs.com/wp-content/uploads/2022/01/Xero-logo.pngXero5,048Wellington, NZ200668124,800,000Apply
http://fintechlabs.com/wp-content/uploads/2022/01/FreshBooks-Logo-1.pngFreshbooks844Toronto2003206Apply
http://fintechlabs.com/wp-content/uploads/2022/01/HighRadius-Trifecta-2020.svgHighRadius240Houston2003475370,000Apply
http://fintechlabs.com/wp-content/uploads/2022/01/Patriot.pngPatriot170Canton, OH20024.4910,000Apply
http://fintechlabs.com/wp-content/uploads/2022/01/download.svgTaxBit163Draper, Utah2018236400,000Apply
http://fintechlabs.com/wp-content/uploads/2022/01/Bench_Logo.jpegBench147Vancouver BC2012107570,000Apply
http://fintechlabs.com/wp-content/uploads/2022/01/60a531f1ed9fda5819c75df2_pilot-logo.svgPilot77SF201616185,000Apply
http://fintechlabs.com/wp-content/uploads/2022/01/Oneup-logo.pngOneUp50SF20172240,000Apply
http://fintechlabs.com/wp-content/uploads/2022/01/Autobooks-Becomes-First-Fintech-to-Launch-in-Q2-Partner-Marketplace.jpegAutobooks46Detroit201547.83,900,000Apply
http://fintechlabs.com/wp-content/uploads/2022/01/2022-01-28_08-16-46.pngPaperclip30SF20218.8100,000Apply
http://fintechlabs.com/wp-content/uploads/2022/01/Zeni-logo.jpegZeni30SF201947.516,800Apply
http://fintechlabs.com/wp-content/uploads/2022/01/Proper-logo.pngProper12SF201713.823,000Apply
http://fintechlabs.com/wp-content/uploads/2022/01/bookkeep-logo-full-1.svgBookkeep7NYC20183.312,300Apply
http://fintechlabs.com/wp-content/uploads/2022/01/Pallo-logo.svgPallo6202003,200Apply
http://fintechlabs.com/wp-content/uploads/2022/01/Avise-logo.jpegAvise3NYC20175.51,400Apply
http://fintechlabs.com/wp-content/uploads/2022/01/Snyder-logo.pngSnyder3SF201630Apply
http://fintechlabs.com/wp-content/uploads/2022/01/Docyt_google.jpegDocyt2SF20163.70Apply
http://fintechlabs.com/wp-content/uploads/2022/01/Reconciled_Logo_1.webpReconciled1Burlington, VT201514,200Apply
http://fintechlabs.com/wp-content/uploads/2022/01/CeterusLogo_Web-Padded.webpCeterus-2Charleston, SC200829.35,200Apply

Source: FintechLabs, 25 Jan 2022 using data from Crunchbase, SimilarWeb, SEMrush

* The FAB score, Fintech Attention Barometer, is a proxy for the overall size of a private company since they typically do not release traditional metrics (# customers, deposits, AUM, etc). The score is based on VC funding, website traffic, mobile downloads, and the number of employees. It's a work in progress, so expect changes in the formula.
**Funding is the amount invested into the company as either equity or debt.

Definition: To qualify companies must predominantly focus on small-business financial services delivered primarily digitally. 

FAB Score*FoundedFunding $M
http://fintechlabs.com/wp-content/uploads/2021/12/Murcury-logo-square.jpg307SF2017$152
http://fintechlabs.com/wp-content/uploads/2022/01/Novo-logo-square.jpg297NYC2016$136
http://fintechlabs.com/wp-content/uploads/2021/12/Found-logo-square.jpg185San Francisco2019$75
http://fintechlabs.com/wp-content/uploads/2021/12/Relay-logo-square.jpg57Toronto2018$19
http://fintechlabs.com/wp-content/uploads/2021/12/Northone-logo-square.jpg44NYC2016$23
See Full List
FAB Score*FoundedFunding $M
National_Funding_logoAd1999105San Diego
Clearco logo3642015682Toronto
Nav2302012$92Utah
Fundera Logo93201318.9NYC
Capchase-logo-square4812020$945NYC
See Full List
Last Updated: August 2021
CompanyFAB Score*FoundedFunding ($M)
Ramp8642019$1,360NYC
Divvy1802016$418Utah
Rho_Logo_Standard_RGB_Abyss1092018$205NYC
Brex6492017$1,457SF
Expensify5202008$401SF
See Full List
Updated June 2021
FAB Score*FoundedFunding ($M)
2302016$881SF
1222017$520SF
802017$306Wash DC
632005$0London
392015$142SF
See Full List
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