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:
- Charge card & expense management (see the list)
- Bill payments and/or invoicing specialists (see below)
- Payment processors (See the list)
- Subscription management platforms (See the list)
Unlike other fintech areas, 7 of the top 10 providers are at least 15 years old. And none of the 22 started in the past 6 years.
Year founded: 2000 to 2009 >>> 8 | 2010 to 2014 >>> 6 | 2015 to 2019 >>> 8 | 2020 or later >>> 0
Resources: Looking for digital banks, lenders, payment providers, insurance or digital accounting for small businesses? Check out our latest lists: Small Business (SMB) savings/treasury accounts (7) | SMB online lenders (33) | SMB challenger banks (15) | SMB insurers (15) | SMB credit cards/expense management (16) | Billpay & invoicing (16)| Payment processors (7) | SMB digital accounting/bookkeeping (21)
The FAB Score (Fintech Attention Barometer) is a proxy for the size and growth of fintech companies founded since 1999.
Top U.S. BillPay & Invoicing Startups (ranked by FAB score***)
| Rank | Was | Company | FAB Score | Review | Founded | HQ | Funding ($M) | Visits (Aug’25) |
| 1 | 1 | Rippling Spend | 2,350 | 16 Sep 25 | 2016 | SF | $2,437 | 6,900,000 |
| Ad | Ad | Bill.com | 942 | 16 Sep 25 | 2006 | SF | 496 | 4,400,000 |
| 2 | 2 | Wave Payments (HR Block) | 1,270 | 16 Sep 25 | 2009 | Toronto | 80 | 6,300,000 |
| 3 | 3 | Bill.com | 942 | 16 Sep 25 | 2006 | SF | 496 | 4,400,000 |
| 4 | 4 | Airwallex | 859 | 16 Sep 25 | 2015 | Singapore | 1202 | 2,900,000 |
| 5 | 5 | Freshbooks | 638 | 16 Sep 25 | 2003 | Toronto | 457 | 2,700,000 |
| 6 | 6 | Tipalti | 391 | 16 Sep 25 | 2010 | SF | 715 | 1,200,000 |
| 7 | New | Tradeshift | 318 | 16 Sep 25 | 2009 | SF | 1100 | 180,000 |
| 8 | 7 | Melio | 258 | 16 Sep 25 | 2018 | NYC | 654 | 540,000 |
| 9 | 8 | AvidExchange | 258 | 16 Sep 25 | 2000 | Charlotte, NC | 1100 | 580,000 |
| 10 | 9 | Vcita | 125 | 16 Sep 25 | 2010 | Seattle | 15 | 640,000 |
| 11 | 10 | Emburse (ChromeRiver≥) | 109 | 16 Sep 25 | 2014 | LA | 0.1 | 550,000 |
| 12 | 11 | Bonsai | 93 | 16 Sep 25 | 2016 | SF | 0 | 460,000 |
| 13 | 12 | Stampli | 87 | 16 Sep 25 | 2015 | SF | 147 | 220,000 |
| 14 | 13 | Autobooks | 66 | 16 Sep 25 | 2015 | Detroit | 153 | 120,000 |
| 15 | 14 | BillerGenie | 55 | 16 Sep 25 | 2018 | Miami | 11.5 | 250,000 |
| 16 | 15 | Plastiq | 53 | 16 Sep 25 | 2012 | SF | 142 | 180,000 |
| 17 | 18 | PaySimple | 52 | 16 Sep 25 | 2006 | Denver | 145 | 200,000 |
| 18 | 16 | Onlinecheckwriter | 41 | 16 Sep 25 | 2008 | SF | 2.7 | 240,000 |
| 19 | 17 | Plooto | 34 | 16 Sep 25 | 2015 | Toronto | 26 | 150,000 |
| 20 | 20 | InvoiceNinja | 31 | 16 Sep 25 | 2014 | Hefa, Israel | 0 | 160,000 |
| 21 | 19 | Invoice2go (Bill.com) | 28 | 16 Sep 25 | 2002 | SF | 60 | 160,000 |
| 22 | 21 | Routable | 19 | 16 Sep 25 | 2017 | Seattle | 47 | 51,000 |
| 23 | 22 | Beanworks | 10 | 16 Sep 25 | 2012 | Vancouver | 12 | 55,000 |
Source: FintechLabs, 16 Sep 2025 with data from Crunchbase, SimilarWeb, SEMrush, Pitchbook, Linkedin
* FintechLabs receives advertising and/or affiliate revenue from the company
**Rank on 27 July 2025
***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.
Challenger Billpay & Invoicing Suppliers in the United States
1. Rippling Spend
FAB Score = 2,350 (up 240 since July)
– HQ: San Francisco
– Founded: 2009
Traction:
– Raised $2.0B including $450M in May 2025 (Crunchbase)
– Website visits: 6.9M (Aug 2025; SimilarWeb)
– Employees: 3,630 (Pitchbook) unchanged from July
Social:
– LinkedIn: 306,000 followers (6,040 employees vs. 5,540 in July ’25)
– iOS rating: 4.7 (6,200 reviews vs. 4,500 in July ’25)
– Trustpilot: 4.6 (1,570 reviews vs 1,240 in July ’25)
– G2: 4.8 (10,030 reviews vs. 7,960 in July ’25)
3. Bill (see also #21 Invoice2Go)
FAB Score = 942 (unchanged)
– HQ: San Francisco Bay Area
– Founded: 2006
Traction:
– Raised $496M including $216M in its Dec 2019 IPO (Crunchbase)
– Annual revenue (TTM): $1.5B (Yahoo5
– Market Cap: $5.2B (NYSE: BILL 7 May ’25)
– Website visits: 3.8M (Aug 2025; SimilarWeb)
– Employees: 3,000 (Pitchbook) vs 2190 from since Jan to July ’25; vs 2,620 Jan ’24; 2,370 in Aug ’23
Social:
– LinkedIn: 68,000 followers (3,340 vs 3,320 in July; 3,180 in Jan ’25; 2,990 in Sep ’24; 2,930 in Jan ’24; 2,950 in Aug ’23)
– iOS rating: 4.9 (48,700 unchanged since July; 47,300 in Jan)
– Capterra: 4.2 (550 reviews vs. 541in July; 528 in Jan)
2. Wave (acquired by H&R Block)
FAB Score = 1,270 (down 40)
– HQ: Toronto
– Founded: 2009
Traction:
– Raised $79.8M (Crunchbase)
– Exit: Acquired by H&R Block for US$400M in June 2019
– Website visits: 6.3M (Aug 2025; SimilarWeb)
– Employees: 303 (Pitchbook) vs 312 in July; 308 in Jan; 367 Sep ’24; 303 Jan ’24; 304 Aug ’23; 339 Mar ’23)
Social:
– LinkedIn: 22,000 followers (297 employees vs. 313 in July; 309 in Jan ’25; , 305 Sep ’24; 300 Jan ’24; 303 Aug ’23; 305 Mar ’23)
– iOS rating: 4.4 (6,300 reviews, up 200 since Jan)
– Rating: 4.4 ( 1,690 reviews per Software Advice, up 40 since Jan).
4. Airwallex
FAB Score = 859 (up 120)
– HQ: Singapore
– Founded: 2015
Traction:
– Raised: $1.2B including $300M in May 2o25; $100M in 2022 (Crunchbase)
– Website visits: 2.9M (Aug ’25, SimilarWeb)
– Employees: 1,700 (Pitchbook, up 100 since Jan)
Social:
– LinkedIn: 124,000 followers (2,000 employees vs. 1,760 in July; 1,610 employees in Jan ’25; 1,370 in Sep ’24)
5. Freshbooks
FAB Score = 638 (unchanged)
– HQ: Toronto
– Founded: 2003
Traction:
– Raised $457 including $125M in 2025, $131M in 2021 and $125M in 2022 (Crunchbase)
– Website visits: 2.7M (Aug 2025; SimilarWeb)
– Employees: 454 (Pitchbook) unchanged since July; 571 in Jan
Social:
– LinkedIn: 90,000 followers (420 employees vs. 442 in July; 481 in Jan ’25; 588 in Sep ’24; 617 in Jan ’24; 664 in Aug ’23; 698 in Mar ’23)
– iOS rating: 4.7 (10,900 reviews, unchanged since Sep ’24)
– SoftwareAdvice rating: 4.5 ( 4,500 reviews, up 20 since Jan)
6. Tipalti
FAB Score = 391 (up 20)
– HQ: San Francisco
– Founded: 2010
Traction:
– Raised $715M including $150M (debt) in May 2023 & $270M in 2021 (Crunchbase)
– Valuation: $8.3B (based on Dec 2021 round)
– Website visits: 1.2M (Aug 2025; SimilarWeb)
– Employees: 1,351 vs. 1,355 in July; 1,310 in Jan ’25 (Pitchbook); 1,240 in Sep ’24; 1,050 in Jan ’24; 1,110 in Aug ’23; up 1,126 April ’23
Social:
– LinkedIn: 57,000 followers (1,310 employees vs. 1,350 in July; 1,320 in Jan ’24; 1,280 in Sep ’24; 1,110 in Jan ’24; 1,030 in Aug. ’23; up 1.010 in April ’23)
– G2 rating: 4.5 (334 reviews, up 128 since Jan)
7. Tradeshift
FAB Score = 318 (new)
– HQ: SF
– Founded: 2009
Traction:
– Raised $1.1B
– Website visits: 180,000 (Aug 2025; SimilarWeb)
– Employees: 501 employees (Pitchbook)
Social:
– LinkedIn: 73,000 followers (381 employees)
– G2 rating: 3.8 (212 reviews)
8. Melio
FAB Score = 258 (down 4)
– HQ: NYC
– Founded: 2018
Traction:
– Raised $654M including $150M in 2024, $360M in 2021 (Crunchbase)
– Website visits: 540,000 (Aug 2025; SimilarWeb)
– Employees: 669 employees (Pitchbook), vs 642 in July; 625 in Jan ’25; 618 in Sep ’24; 632 in Jan ’24; 602 in Aug ’23; 597 in April ’23)
Social:
– LinkedIn: 35,000 followers (684 employees vs. 656 in July; 625 in Jan ’25; 614 in Sep ’24; 646 in Jan ’24; 644 in Aug ’23; 597 in April ’23)
– Capterra rating: 4.2 (396 reviews vs. 391 in July; 383 Jan ’25)
9. AvidXchange (acquired by TPG, May 2025)
FAB Score = 258 (up 96)
– HQ: Charlotte, NC
– Founded: 2000
Traction:
– Raised: $1.8B including $660M in 2021 (Crunchbase)
– Valuation: Acquired for $2.2B in May 2025
– Annual revenue: Revenues $440M (2024) (Yahoo)
– Website visits: 580,000 (Aug 2025; SimilarWeb)
– Employees: 1,759 (Pitchbook) vs 1,600 July ’25 to Nov ’22
Social:
– LinkedIn: 55,000 followers (1,780 employees vs. 1,760 in July ’25; 1,730 in Jan ’25; 1,710 in Sep ’24; 1,640 in Jan ’24 & Aug ’23; 1,540 in April ’23)
– G2 review: 4.4 (287 reviews vs. 266 reviews in July; 262 in Jan ’25)
10. Vcita
FAB Score = 125 (up 12)
– HQ: Seattle area (Bellevue)
– Founded: 2010
Traction:
– Raised $15M prior to 2021 (Crunchbase)
– Website visits: 640,000 (Aug ’25; SimilarWeb)
– Employees: 200 (Pitchbook), unchanged since Aug ’23; vs 172 in April ’23
Social:
– LinkedIn: 14,000 followers (189 employees vs. 187 employees in July; 185 in Jan ’24; 184 in Sep ’24; 180 in Jan ’24; 191 in Aug ’23; 174 in April ’23)
– iOS rating: 3.5 (104 reviews vs. 103 in July; 100 Jan ’25)
– Software Advice rating: 4.4 (276 reviews, unchanged since July; 275 Jan ’25)
11. Emburse (acquired by Chrome River in 2019; Chrome River merged with Certify in 2019)
FAB Score = 109 (up 10)
Founded: 2014
HQ: LA
Traction:
Funding: $120,000 in 2016 (Crunchbase)
Website visits: 550,000 (Aug ’25, SimilarWeb)
Employees: 869 vs 840 in July, (Pitchbook); 1,000 Jan ’25 through Aug ’23
Social:
LinkedIn: 50,000 followers (865 employees vs. 851 in July; 808 in Jan ’25; 852 in Sep ’24; 946 in Jan. ’24; 952 in August ’23)
12. Bonsai
FAB Score = 93 (up 12)
– HQ: San Francisco
– Founded: 2016
Traction:
– Raised: $120,000 in 2016 (Crunchbase)
– Website traffic: 460,000 (Aug ’25, SimilarWeb)
– Employees: 49 (Pitchbook), vs. 57 in July – Jan ’25; 50 in Sep ’24 & Jan ’24; 49 in Aug ’23; 27 in April ’23
Social:
– LinkedIn followers: 16,000 (57 employees vs. 52 in July; 53 in Jan ’25; 52 in Sep ’24; 48 in Jan ’24 & Aug ’23; 32 in April ’23)
– Trustpilot score: 4.1 (484 reviews vs. 457 in July ’25; 445 Sep ’24)
13. Stampli
FAB Score = 87 (up 6)
– HQ: San Francisco Bay Area (Mountain View)
– Founded: 2015
Traction:
– Raised $147M including $61M in 2023 and $50M in 2021 (Crunchbase)
– Website visits: 220,000 (Aug ’25; SimilarWeb)
– Employees: 315 (Pitchbook) vs 308 in July; 307 in Jan ’25; 300 Sep ’24; 265 in Jan. ’24; 217 in Aug ’23; 214 in Nov ’22
Social:
– LinkedIn: 10,000 followers (301 employees vs. 313 in July; 312 in Jan ’25; 297 in Sep ’24; 275 in Jan ’24; 245 in Aug ’23; 220 in April ’23)
– G2 rating: 4.6 (1,620 reviews vs. 1,480 in July; 1,370 Jan ’25)
14. Autobooks
FAB Score = 66 (up 5)
– Founded: 2015
– HQ: Detroit, Michigan
Traction:
– Raised: $153M including $55M in May 2025, $25M in 2021 & $50M in 2022 (Crunchbase)
– Website visits: 120,000 (Aug ’25; SimilarWeb)
– Employees: 100 (Pitchbook), vs 86 in July – Jan ’25; vs. 92 in Jan ’24 & Aug ’23; 141 in April ’23
Social:
– LinkedIn: 6,000 (100 employees vs. 86 in July ’25 and Jan ’25; 85 in Sep ’24; 91 in Jan ’24; 92 in Aug ’23; 99 in April ’23)
– FeaturedCustomers: 4.8 (979 reviews, up 79 since Jan)
15. BillerGenie
FAB Score = 55 (up 4)
– Founded: 2018
– HQ: Miami
Traction:
– Funding: $11.5M including $2M in May 2025, $6M in 2022 (Crunchbase)
– Articles: 19 (Crunchbase)
– Website visits: 250,000 (Aug ’25, SimilarWeb)
– Employees: 60 (Pitchbook), vs 50 in July – Jan ’25; vs. 42 in Sep ’24; 40 in Jan ’24 & Aug ’23
Social:
– LinkedIn: 10,000 followers (67 employees vs. 54 in July; 51 in Jan ’25; 46 in Sep ’24; 38 in Jan. ’24; 37 in Aug ’23)
16. Plastiq (acquired by Priority, Aug 2023)
Fab score = 53 (up 3)
– Founded: 2012
– HQ: San Francisco
Traction:
– Raised: $142 million including $75M in 2020 (Crunchbase)
– Website visits: 180,000 (Aug ’25; SimilarWeb)
– Employees: 103 (Pitchbook), unchanged since Aug ’23; was 163 in April ’23
Social:
– LinkedIn: 7,000 followers (54 employees vs. 55 in July; 58 in Jan ’25; 61 in Sep ’24; 82 in Jan ’24; 102 in Aug ’23; 133 in April ’23)
– Trustpilot: 2.4 (957 reviews vs. 953 in July; 952 Jan ’25)
17. PaySimple (division of EverCommerce)
FAB Score = 52 (up 23)
– HQ: Denver, Colorado
– Founded: 2006
Traction:
– Raised $145M prior to 2021 (Crunchbase)
– Website visits: 200,000 (Aug ’25; SimilarWeb)
– Employees: 83 (Linkedin), down 8 since Nov 2022
Social:
– LinkedIn: 5,000 followers (59 employees vs. 62 in July; 67 in Jan ’25; 71 in Sep ’24; 74 in Jan ’24; 84 in Aug ’23; 83 in April ’23)
– iOS rating: 4.5 (note: only 2 reviews)
– Capterra rating: 4.5 (300 reviews, unchanged since July; 299 Jan ’25)
18. Online Check Writer (ZilMoney)
FAB score = 41 (up 2)
– Founded: 2008
– HQ: San Francisco
Traction:
– Raised: $2.7M prior to 2020 (Crunchbase)
– Website visits: 240,000 (Aug ’25; SimilarWeb)
– Employees: 138 (Pitchbook) vs 137 in July; 134 in Jan ’25; 133 in Sep ’24 & Jan ’24; 132 in Aug ’23
Social:
– LinkedIn: 32,000 followers (138 employees vs. 139 in July ’25; 136 in Jan ’25; 134 in Sep ’24; 130 in Jan. ’24; 127 in Aug ’23; 113 in April ’23)
– Trustpilot: 4.0(1,630 reviews vs. 1,640 reviews in July; 1,620 Jan ’25)
19. Plooto
FAB Score = 34 (up 2)
– HQ: Toronto
– Founded: 2015
Traction:
– Raised $26M including $20M in 2022 (Crunchbase)
– Website visits: 150,000 (SimilarWeb, July ’25)
– Employees: 111 (Pitchbook) vs 130 July ’25 – Sep ’24
Social:
– LinkedIn: 9,000 followers (110 employees vs. 108 in July; 116 in Jan ’25; 117 in Sep ’24)
20. InvoiceNinja
FAB Score = 31 (up 8)
– HQ: Hefa, Israel
– Founded: 2014
Traction:
– Raised Unknown (Crunchbase)
– Website visits: 160,000 (Aug ’25; SimilarWeb)
– Employees: 5 (LinkedIn)
Social:
– LinkedIn: 580 followers (5 employees, unchanged since Aug ’23)
– iOS rating: 4.8 (92 reviews vs. 83 in July; 78 Jan ’25)
– Software Advice rating: 4.7 (166 reviews vs. 165 in July; 164 Jan ’25)
21. Invoice2Go (acquired by Bill.com)
FAB Score = 28 (up 1)
– HQ: San Francisco
– Founded: 2002
Traction:
– Raised $60M prior to 2021 (Crunchbase)
– Exit: Acquired by Bill.com for $625M in July 2021
– Website visits: 160,000 (Aug ’25; SimilarWeb)
– Employees: 106 (Pitchbook), unchanged since April ’23
Social:
– LinkedIn: 9,000 followers (13 employees, unchanged since Jan ’25; vs. 19 in Sep ’24; 24 in Jan ’24; 44 in Aug ’23; 51 in April ’23)
– iOS rating: 4.9 (52,800 ratings; vs 51,600 in July; 50,300 Jan ’25)
– Capterra rating: 4.3 (267 reviews vs. 262 in July; 251 Jan ’25)
22. Routable
FAB Score = 19 (up 3)
– HQ: Seattle
– Founded: 2017
Traction:
– Raised $46.5M including $30M in 2021 (Crunchbase)
– Website visits: 51,000 (Aug ’25; SimilarWeb)
– Employees: 81 (Pitchbook), unchanged since Jan ’25; vs. 100 in Sep; 119 in Jan ’24; 129 in Aug ’23
Social:
– LinkedIn: 11,000 followers (77 employees vs. 80 employees in July to Jan ’25; 85 in Sep ’24; 110 in Jan ’24; 118 in Aug ’23; 134 in April ’23)
– FeaturedCustomers rating: 4.8 (1,010 reviews; vs. 880 in July; 763 Jan ’25)
23. Beanworks (acquired by Quadient, March 2021)
FAB Score = 10 (up 10)
– Founded: 2012
– HQ: Vancouver, Canada
Traction:
– Funding: $12.3M in 2017 and 2018 (Crunchbase)
– Website visits: 55,000 (Aug ’25, SimilarWeb)
– Employees: 140 (Pitchbook), vs 90 July ’25 to Aug ’23
Social:
– LinkedIn: 10,000 followers (98 employees vs. 109 in July to Jan ’25; 115 in Sep ’24; 129 in Jan ’24; 133 in Aug ’23)
