Top 21 Digital Online Bill Payment & Invoicing Solutions for U.S. Small Businesses (SMB) in Jan 2025

Money and cash flow are the lifeblood of a small business. And it’s an area often overlooked by traditional online banking providers. So a number of companies have emerged during the past decade-plus to better serve SMB needs. Most providers operate on a dual revenue model which includes:
a.) monthly subscription fees to create predictable recurring revenue
b.) transaction fees to cover interchange and other variable processing costs.

We divided the payment providers into four categories:

1. Charge card & expense management (see our list here)
2. Bill payments and/or invoicing specialists (see below)
3. Payment processors (here)
4. Subscription management platforms (here)

Unlike other fintech areas, 5 of the top 6 providers are at least 14 years old. And none of the 21 listed started in the past 5 years.

Year founded:
2000 to 2009 >>> 7
2010 to 2014 >>> 6
2015 to 2019 >>> 8
2020 or later >>> 0

Challenger of the Month*

 

More: Looking for digital banks, lenders, payment providers, insurance or digital accounting for small businesses? Check out our latest lists: SMB online lenders (33) | SMB challenger banks (12) | SMB insurers (15) | SMB charge cards/expense management (16) | Billpay & invoicing (17)| Payment processors (7) | Subscription processors (7) | SMB digital accounting/bookkeeping (21)

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

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Top U.S. BillPay & Invoicing Startups (ranked by FAB score***)

Rank	Was	Company	FAB Score	Review	Founded	HQ	Funding ($M)	Visits (Dec ’24)
1	1	Wave Payments (HR Block)	1245	16 Jan 25	2009	Toronto	80	6,200,000
2	3	Bill.com	842	16 Jan 25	2006	SF	496	3,900,000
3	4	Airwallex	665	16 Jan 25	2015	Singapore	902	2,500,000
4	2	Freshbooks	600	16 Jan 25	2003	Toronto	330	2,600,000
5	5	Tipalti	371	16 Jan 25	2010	SF	715	1,100,000
6	6	AvidExchange	258	16 Jan 25	2000	Charlotte, NC	1760	110,000
7	7	Melio	244	16 Jan 25	2018	NYC	654	470,000
8	8	Vcita	103	16 Jan 25	2010	Seattle	15	530,000
9	10	Stampli	87	16 Jan 25	2015	SF	147	220,000
10	9	Bonsai	81	16 Jan 25	2016	SF	0	400,000
11	13	Autobooks	49	16 Jan 25	2015	Detroit	97.8	86,000
12	11	Plastiq	45	16 Jan 25	2012	SF	142	140,000
13(t)	11	BillerGenie	41	16 Jan 25	2018	Miami	9.5	170,000
13(t)	18	Onlinecheckwriter	41	16 Jan 25	2008	SF	2.7	240,000
15	14	PaySimple	40	16 Jan 25	2006	Denver	145	140,000
16	16	Plooto	39	16 Jan 25	2015	Toronto	26	140,000
17	15	Emburse (ChromeRiver≥)	29	16 Jan 25	2014	LA	0.1	150,000
18	19	InvoiceNinja	27	16 Jan 25	2014	Hefa, Israel	0	140,000
19	17	Invoice2go (Bill.com)	24	16 Jan 25	2002	SF	60	140,000
20	20	Routable	14	16 Jan 25	2017	Seattle	46	25,000
21	21	Beanworks	0	16 Jan 25	2012	Vancouver	12	7,300

Source: FintechLabs, 16 Jan 2025 using data from Crunchbase, SimilarWeb, SEMrush, Pitchbook, Linkedin

* FintechLabs receives advertising and/or affiliate revenue from the company
**Rank on 16 Aug 2024
***As nerds do, we are developing a proprietary score measuring the adoption of digital financial services at private companies that do not release traditional metrics (# customers, deposits, AUM, etc). We call it the FAB score, standing for Fintech Attention Barometer. The score uses money raised, valuation and website traffic as a proxy for company size and velocity of growth. It’s a work in progress, so expect changes down the road.
****Funding is the amount invested into the company as either equity or debt.

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Challenger Billpay & Invoicing Suppliers in the United States

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1. Wave (acquired by H&R Block)
FAB Score = 1,245 (down 200 since Sep ’24)
– HQ: Toronto
– Founded: 2009
– Raised $79.8M (Crunchbase)
– Exit: Acquired by H&R Block for US$400M in June 2019
– Website visits: 6.2M (Dec 2024; SimilarWeb)
– Employees: 308 (Pitchbook, down 59 since Sep, up 5 since Jan ’24, up 4 since Aug ’23, down 31 from Mar ’23)
– Articles: 339 (Crunchbase)
– Linkedin:  19,000 followers (309 employees, up 4 since Sep, up 9 since Jan ’24, up 6 since Aug ’23, up 4 since Mar ’23)
– iOS rating: 4.4 (6,100 reviews, up 100 since Sep)
– Rating: 4.4 ( 1,650 reviews per Software Advice, up 50 since Sep ’24).

2. Bill.com (see also #13 Invoice2Go)
FAB Score = 842 (down 120)
– HQ: San Francisco Bay Area
– Founded: 2006
– Raised $496M including $216M in its Dec 2019 IPO (Crunchbase)
– Annual revenue (TTM): $1.2B (Yahoo)
– Market Cap: $5.1B (NYSE:BILL 15 Aug ’24) down $3.3B since 30 Jan ’24; down $6.7B since 29 Aug 2023, down $3.1B since 24 April 2023
– Website visits: 3.9M (Dec 2024; SimilarWeb)
– Employees: 2,190 (Pitchbook), down 430 since Jan ’24, down 180 from Aug ’23
– Articles: 243 (Crunchbase)
– Linkedin: 61,000 followers (3,180 employees, up 190 since Sep, up 250 since Jan ’24, up 230 since Aug ’23)
– iOS rating: 4.9 (47,300 reviews, unchanged since Sep ’24)
– Capterra: 4.2 (528 reviews, up 14 since Sep ’24)

3. Airwallex
FAB Score = 665 (up 130)
– HQ: Singapore
– Founded: 2015
– Raised: $902M including $100M in 2022 (Crunchbase)
– Website visits: 2.5M (Dec ’24, SimilarWeb)
– Employees: 1,600 (Pitchbook, up 100 since Sep)
– Linkedin: 95,000 followers (1,610 employees, up 240 since Sep)
– Article citations: 306 (Crunchbase)

4. Freshbooks
FAB Score = 600 (down 140)
– HQ: Toronto
– Founded: 2003
– Raised $332M including $131M in 2021 and $125M in 2022 (Crunchbase)
– Website visits: 2.6M (Dec 2024; SimilarWeb)
– Employees: 571 (Pitchbook)
– Articles: 650 (Crunchbase)
– Linkedin: 88,00 followers (481 employees, down 107 since Sep, down 136 since Jan ’24, down 183 since Aug ’23, down 217 since Mar ’23)
– iOS rating: 4.7 (10,900 reviews, unchanged since Sep.)
– SoftwareAdvice rating: 4.5 ( 4,480 reviews, up 60 since Sep ’24)

5. Tipalti
FAB Score = 371(down 40)
– HQ: San Francisco
– Founded: 2010
– Raised $715M including $150M (debt) in May 2023 & $270M in 2021 (Crunchbase)
– Valuation: $8.3B (based on Dec 2021 round)
– Website visits: 1.1M (Dec 2024; SimilarWeb)
– Employees: 1,310 (Pitchbook), up 70 since Sep, up 260 since Jan ’24, up 200 since Aug ’23, up 184 since April ’23
– Articles: 232 (Crunchbase)
– Linkedin:  49,000 followers (1,320 employees, up 40 since Sep, up 210 since Jan ’24, up 286 since Aug. ’23, up 310 since April ’23)
– G2 rating: 4.5 (206 reviews, unchanged since Sep)

6. AvidXchange
FAB Score = 258 (up 2)
– HQ: Charlotte, NC
– Founded: 2000
– Raised: $1.8B including $660M was in 2021 (Crunchbase)
– Market cap: $1.7B (15 Apr 2024), down $600M since 30 Jan ’24, down $400M since 29 Aug ’23, up $200M since 24 April ’23; NASDAQ: AVDX
– Annual revenue: $413M (TTM) (Yahoo), up $50M since Jan ’24
– Website visits: 110,000 (Dec 2024; SimilarWeb)
– Employees: 1,600 (Pitchbook), unchanged since Nov 2022
– Articles: 151 (Crunchbase)
– Linkedin:  49,000 followers (1,730 employees, down 20 since Sep, up 90 since Jan ’24, up 90 since Aug ’23, up 193 since April ’23)
– G2 review:  4.3 (262 reviews, up 5 since Sep ’24)

7. Melio
FAB Score = 244 (up 82)
– HQ: NYC
– Founded: 2018
– Raised $654M including $150M in 2024, $360M in 2021 (Crunchbase)
– Website visits: 470,000 (Dec. 2024; SimilarWeb)
– Employees: 625 employees (Pitchbook), up 7 since Sep, down 7 since Jan ’24, up 23 since Aug ’23, up 28 since April ’23)
– Articles: 83 (Crunchbase)
– Linkedin: 31,000 followers (625 employees, up 11 since Sep, down 21 since Jan ’24, down 19 from Aug ’23, up 28 since April ’23)
– Capterra rating: 4.2 (383 reviews, up 7 since Sep ’24)

8. Vcita
FAB Score = 103 (down 2)
– HQ: Seattle area (Bellevue)
– Founded: 2010
– Raised $15M prior to 2021 (Crunchbase)
– Website visits: 530,000 (Dec ’24; SimilarWeb)
– Employees: 200 (Pitchbook), unchanged since Aug ’23, up 28 since April ’23
– Articles: 51 (Crunchbase)
– Linkedin:  13,000 followers (185 employees, up 1 since Sep, up 5 since Jan ’24, down 6 since Aug ’23, up 11 since April ’23)
– iOS rating: 3.5 (100 reviews, up 2 since Sep ’24)
– Software Advice rating: 4.5 (275 reviews, up 18 since Sep ’24)

9. Stampli
FAB Score = 87 (up 6)
– HQ: San Francisco Bay Area (Mountain View)
– Founded: 2015
– Raised $147M including $61M in 2023 and $50M in 2021 (Crunchbase)
– Website visits: 220,000 (Dec ’24; SimilarWeb)
– Employees:  307 (Pitchbook), up 7 since Sep, up 42 since Jan. ’24, up 90 since Aug ’23, up 93 since Nov ’22
– Articles: 76 (Crunchbase)
– LinkedIn: 9,000 followers (312 employees, up 15 since Sep, up 37 since Jan ’24, up 67 since Aug ’23, up 92 since April ’23)
– G2 rating: 4.6 (1,370 reviews, up 80 since Sep ’24)

10. Bonsai
FAB Score = 81 (down 16)
– HQ: San Francisco
– Founded: 2016
– Raised: $120,000 in 2016 (Crunchbase)
– Website traffic: 400,000 (Dec ’24, SimilarWeb)
– Employees: 57 (Pitchbook), up 7 since Sep, up 7 since Jan ’24, up 8 since Aug ’23, up 23 since April ’23
– Articles: 9 (Crunchbase)
– LinkedIn followers: 5,000 (53 employees, up 1 since Sep, up 5 since Jan ’24, up 5 since Aug ’23, up 21 since April ’23)
– Trustpilot score: 4.1 (457 reviews, up 12 since Sep ’24)

11. Autobooks
FAB Score = 49 (down 1)
– Founded: 2015
– HQ: Detroit, Michigan
– Raised: $97.8M including $25M in 2021 & $50M in 2022 (Crunchbase)
– Website visits: 86,000 (Dec ’24; SimilarWeb)
– Employees: 86 (Pitchbook), down 6 since Jan ’24, down 6 since Aug ’23, down 54 since April ’23
– Articles: 34 (Crunchbase)
– Linkedin: 5,000 (86 employees, up 1 since Sep, down 5 from Jan ’24, down 6 from Aug ’23, down 13 since April ’23)
– FeaturedCustomers: 4.8 (900 reviews, up 115 since Sep)

12. Plastiq (acquired by Priority, Aug 2023)
Fab score = 45 (down 6)
– Founded: 2012
– HQ: San Francisco
– Raised: $142 million including $75M in 2020 (Crunchbase)
– Website visits: 140,000 (Dec ’24; SimilarWeb)
– Employees: 103 (Pitchbook), unchanged since Aug ’23, down 60 since April ’23
– Articles: 69 (Crunchbase)
– Linkedin: 6,000 followers (58 employees, down 3 since Sep, down 24 since Jan ’24, down 44 since Aug ’23, down 75 since April ’23)
– Trustpilot: 3.1 (952 reviews, down 1 since Sep)

13 (tie). BillerGenie
FAB Score = 41 (down 10)
– Founded: 2018
– HQ: Miami
– Funding: $9.5M including $6M in 2022 (Crunchbase)
– Articles: 19 (Crunchbase)
– Website visits: 170,000 (Dec ’24, SimilarWeb)
– Employees: 50 (Pitchbook), up 8 since Sep, up 10 since Jan ’24, up 10 since Aug ’23
– Linkedin: 8,000 followers (51 employees, up 5 since Sep, up 13 since Jan. ’24, up 14 since Aug ’23)

13 (tie). Online Check Writer
FAB score = 41 (up 6)
– Founded: 2008
– HQ: San Francisco
– Raised: $2.7M prior to 2020 (Crunchbase)
– Website visits: 240,000 (Dec ’24; SimilarWeb)
– Employees: 134 (Pitchbook), up 1 since Sep, up 1 since Jan ’24, up 2 since Aug ’23
– Articles: 51 (Crunchbase)
– Linkedin: 33,000 followers (136 employees, up 2 since Sep, up 6 since Jan. ’24, up 7 since Aug ’23, up 23 since April ’23)
– Trustpilot: 4.3 (1,620 reviews, unchanged since Sep ’24)

15. PaySimple (division of EverCommerce)
FAB Score = 40 (down 8)
– HQ: Denver, Colorado
– Founded: 2006
– Raised $145M prior to 2021 (Crunchbase)
– Website visits: 140,000 (Dec ’24; SimilarWeb)
– Employees: 83 (Linkedin), down 8 since Nov 2022
– Articles: 45 (Crunchbase)
– Linkedin: 4,000 followers (67 employees, down 4 since Sep, down 7 since Jan ’24, down 17 since Aug ’23, down 16 since April ’23)
– iOS rating: 4.5 (note: only 2 reviews)
– Capterra rating: 4.5 (299 reviews, up 1 since Sep ’24)

16. Plooto
FAB Score = 39 (up 2)
– HQ: Toronto
– Founded: 2015
– Raised $26M including $20M in 2022 (Crunchbase)
– Articles: 33 (Crunchbase)
– Website visits: 140,000 (SimilarWeb, Dec ’24)
– Employees: 130 (Pitchbook)
– Linkedin: 8,000 followers (116 employees, down 1 since Sep.)

17. Emburse (acquired by Chrome River in 2019; Chrome River merged with Certify in 2019)
FAB Score = 29 (down 10)
Founded: 2014
HQ: LA
Funding: $120,000 in 2016 (Crunchbase)
Website visits: 150,000 (Dec ’24, SimilarWeb)
Employees: 1,000 (Pitchbook), unchanged since Aug ’23
Articles: 67
LinkedIn: 31,000 followers (808 employees, down 44 since Sep, down 138 since Jan. ’24, down 144 since August ’23)

18. InvoiceNinja
FAB Score = 27 (up 6)
– HQ: Hefa, Israel
– Founded: 2014
– Raised Unknown (Crunchbase)
– Website visits: 140,000 (Dec ’24; SimilarWeb)
– Employees: 4 (Linkedin)
– Articles: 19 (Crunchbase)
– Linkedin: 490 followers (5 employees, unchanged since Aug ’23)
– iOS rating: 4.9 (78 reviews, up 9 since Sep)
– Software Advice rating: 4.7 (164 reviews, up 1 since Sep)

19. Invoice2Go (acquired by Bill.com)
FAB Score = 24 (down 12)
– HQ: San Francisco
– Founded: 2002
– Raised $60M prior to 2021 (Crunchbase)
– Exit: Acquired by Bill.com for $625M in July 2021
– Website visits: 140,000 (Dec ’24; SimilarWeb)
– Employees: 106 (Pitchbook), unchanged since April ’23
– Articles: 92 (Crunchbase)
– Linkedin:  9,000 followers (13 employees, down 6 since Sep, down 11 since Jan ’24, down 31 since Aug ’23, down 38 since April ’23)
– iOS rating: 4.8 (50,300 reviews, up 1,800 since Sep)
– Capterra rating: 4.3 (251 reviews, up 8 since Sep)

20. Routable
FAB Score = 14 (up 1)
– HQ: Seattle
– Founded: 2017
– Raised $46.5M including $30M in 2021 (Crunchbase)
– Website visits: 25,000 (Dec ’24; SimilarWeb)
– Employees: 81 (Pitchbook), down 19 since Sep, down 38 since Jan ’24, down 48 since Aug ’23
– Articles: 11 (Crunchbase)
– Linkedin: 10,000 followers (80 employees, down 5 since Sep, down 30 since Jan ’24, down 38 since Aug ’23, down 54 since April ’23)
– FeaturedCustomers rating: 4.8 (763 reviews, up 107 since Sep ’24)

21. Beanworks (acquired by Quadient, March 2021)
FAB Score = 0 (down 1)
– Founded: 2012
– HQ: Vancouver, Canada
– Funding: $12.3M in 2017 and 2018 (Crunchbase)
– Website visits: 7,300 (Dec ’24, SimilarWeb)
– Articles: 19 (Crunchbase)
– Employees: 90 (Pitchbook), unchanged since Aug 2023
– Linkedin: 10,000 followers (109 employees, down 6 since Sep, down 20 since Jan ’24, down 24 since Aug ’23)