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/2022/11/Untitled-design-4.pngAd* Bonsai101San Francisco20160.1500,000Apply
http://fintechlabs.com/wp-content/uploads/2022/01/Xendoo_Logo.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.jpg447SF2017$152
http://fintechlabs.com/wp-content/uploads/2023/02/Relay-logo.webp89Toronto2018$19
http://fintechlabs.com/wp-content/uploads/2022/01/Novo-logo-square.jpg327NYC2016$296
http://fintechlabs.com/wp-content/uploads/2023/05/BluevineLogo.png260SF2013768
http://fintechlabs.com/wp-content/uploads/2023/02/Found-logo-600-300.png123SF2019$75
See Full List
Company OverviewFAB Score*FoundedFunding $M
NBC-logoAd2007$120,000NYC
Capchase-logo-square4882020$950NYC
SMB Lenders: Kabbage Continues to Cook Under American Express Ownership36220082500Atlanta
CLEARCO_600x3153092015699Toronto
BluevineLogo2822013$768SF
See Full List
Last Updated: August 2021
CompanyFAB Score*FoundedFunding ($M)
Ramp10582019$1,660NYC
Expensify4602008$401SF
spendesk-logo-purple2052016$312
Logo-Full-Color2002016$418Utah
Jeeves-Logo1962019$368NYC
See Full List
Updated June 2021
FAB Score*FoundedFunding ($M)
2302016$881SF
1222017$520SF
802017$306Wash DC
632005$0London
392015$142SF
See Full List
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