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 7 providers are at least 15 years old. And none of the 22 started in the past 6 years.

Year founded: 2000 to 2009 >>> 7   |   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 (Jun’25)
1 1 Rippling Spend 2,110 21 Jul ’25 2016 SF $2,437 5,700,000
2 2 Wave Payments (HR Block) 1,310 21 Jul ’25 2009 Toronto 80 6,500,000
3 3 Bill.com 942 21 Jul ’25 2006 SF 496 4,400,000
4 5 Airwallex 739 21 Jul ’25 2015 Singapore 1202 2,300,000
5 4 Freshbooks 638 21 Jul ’25 2003 Toronto 457 2,700,000
6 6 Tipalti 371 21 Jul ’25 2010 SF 715 1,100,000
7 8 Melio 262 21 Jul ’25 2018 NYC 654 560,000
8 7 AvidExchange 161 21 Jul ’25 2000 Charlotte, NC 1100 96,000
9 9 Vcita 113 21 Jul ’25 2010 Seattle 15 580,000
10 12 Emburse (ChromeRiver≥) 99 21 Jul ’25 2014 LA 0.1 500,000
11 10 Bonsai 81 21 Jul ’25 2016 SF 0 400,000
12 11 Stampli 81 21 Jul ’25 2015 SF 147 190,000
13 13 Autobooks 61 21 Jul ’25 2015 Detroit 153 98,000
14 14 BillerGenie 51 21 Jul ’25 2018 Miami 11.5 230,000
15 15 Plastiq 50 21 Jul ’25 2012 SF 142 165,000
16 16 Onlinecheckwriter 39 21 Jul ’25 2008 SF 2.7 230,000
17 17 Plooto 32 21 Jul ’25 2015 Toronto 26 140,000
18 18 PaySimple 29 21 Jul ’25 2006 Denver 145 86,000
19 19 Invoice2go (Bill.com) 27 21 Jul ’25 2002 SF 60 155,000
20 20 InvoiceNinja 23 7 May 25 2014 Hefa, Israel 0 120,000
21 21 Routable 16 21 Jul ’25 2017 Seattle 47 37,000
22 22 Beanworks 0 21 Jul ’25 2012 Vancouver 12 5,700

Source: FintechLabs, 27 July 2025 with data from Crunchbase, SimilarWeb, SEMrush, Pitchbook, Linkedin

* FintechLabs receives advertising and/or affiliate revenue from the company
**Rank on 7 May 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 = 2,110 (up 80 since May)
– HQ: San Francisco
– Founded: 2009

Traction:
– Raised $2.0B  including $450M in May 2025 (Crunchbase)
– Website visits: 5.7M (June 2025; SimilarWeb)
– Employees: 3,630 (Pitchbook)

Social:
– LinkedIn:  247,000 followers (5,540 employees)
– iOS rating: 4.7 (4,500 reviews)
– Trustpilot: 4.6 (1,240 reviews)
– G2: 4.8 (7,960 reviews)

2. Wave (acquired by H&R Block)
FAB Score = 1,310 (unchanged)
– HQ: Toronto
– Founded: 2009

Traction:
– Raised $79.8M (Crunchbase)
– Exit: Acquired by H&R Block for US$400M in June 2019
– Website visits: 6.5M (June 2025; SimilarWeb)
– Employees: 312 (Pitchbook, vs 308 in Jan; 367 Sep ’24; 303 Jan ’24; 304 Aug ’23; 339 Mar ’23)

Social:
– LinkedIn:  21,000 followers (313 employees vs. 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).

3. Bill.com (see also #13 Invoice2Go)
FAB Score = 942 (up 20)
– HQ: San Francisco Bay Area
– Founded: 2006

Traction:
– Raised $496M including $216M in its Dec 2019 IPO (Crunchbase)
– Annual revenue (TTM): $1.4B (Yahoo)
– Market Cap: $4.6B (NYSE:BILL 7 May ’25) down $3.8B since Jan ’24
– Website visits: 4.4M (June 2025; SimilarWeb)
– Employees: 2,190 (Pitchbook), unchanged since Jan ’25; vs 2,620 Jan ’24; 2,370 in Aug ’23

Social:
– LinkedIn: 64,000 followers (3,320 vs 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 up 1,400 since Jan)
– Capterra: 4.2 (541, up 13 since Jan)

4. Airwallex
FAB Score = 739 (up 134)
– HQ: Singapore
– Founded: 2015

Traction:
– Raised: $1.2B including $300M in May 2o25; $100M in 2022 (Crunchbase)
– Website visits: 2.3M (June ’25, SimilarWeb)
– Employees: 1,700 (Pitchbook, up 100 since Jan)

Social:
– Linkedin: 105,000 followers (1,760 employees vs. 1,610 employees in Jan ’25; 1,370 in Sep ’24)

5. Freshbooks
FAB Score = 638 (down 45)
– HQ: Toronto
– Founded: 2003

Traction:
– Raised $457 including $125M in 2025, $131M in 2021 and $125M in 2022 (Crunchbase)
– Website visits: 2.7M (June 2025; SimilarWeb)
– Employees: 454 (Pitchbook) vs 571 in Jan

Social:
– LinkedIn: 89,000 followers (442 employees vs 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 = 371 (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: 1.1M (June 2025; SimilarWeb)
– Employees: 1,355 vs 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:  53,000 followers (1,350 employees vs. 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. Melio
FAB Score = 262 (up 10)
– HQ: NYC
– Founded: 2018

Traction:
– Raised $654M including $150M in 2024, $360M in 2021 (Crunchbase)
– Website visits: 560,000 (June 2025; SimilarWeb)
– Employees: 642 employees (Pitchbook), vs 625 in Jan ’25; 618 in Sep ’24; 632 in Jan ’24; 602 in Aug ’23; 597 in April ’23)

Social:
– LinkedIn: 32,000 followers (656 employees vs. 625 in Jan ’25; 614 in Sep ’24; 646 in Jan ’24; 644 in Aug ’23; 597 in April ’23)
– Capterra rating: 4.2 (391 reviews, up 8 since Jan)

8. AvidXchange  (acquired by TPG, May 2025)
FAB Score = 162 (down 93)
– HQ: Charlotte, NC
– Founded: 2000

Traction:
– Raised: $1.8B including $660M in 2021 (Crunchbase)
– Valuation: Acquired for $2.2B in May 2025
– Annual revenue: $440M (TTM) (Yahoo), up $77M since Jan ’24
– Website visits: 96,000 (June 2025; SimilarWeb)
– Employees: 1,600 (Pitchbook), unchanged since Nov 2022

Social:
– LinkedIn:  52,000 followers (1,760 employees vs 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 (266 reviews, up 4 since Jan)

9. Vcita
FAB Score = 113 (unchanged)
– HQ: Seattle area (Bellevue)
– Founded: 2010

Traction:
– Raised $15M prior to 2021 (Crunchbase)
– Website visits: 580,000 (June ’25; SimilarWeb)
– Employees: 200 (Pitchbook), unchanged since Aug ’23; vs 172 in April ’23

Social:
– LinkedIn:  13,000 followers (187 employees vs. 185 in Jan ’24; 184 in Sep ’24; 180 in Jan ’24; 191 in Aug ’23; 174 in April ’23)
– iOS rating: 3.5 (103 reviews, up 3 since Jan)
– Software Advice rating: 4.4 (276 reviews, up 1 since Jan)

10. Emburse (acquired by Chrome River in 2019; Chrome River merged with Certify in 2019)
FAB Score = 99 (up 40)
Founded: 2014
HQ: LA

Traction:
Funding: $120,000 in 2016 (Crunchbase)
Website visits: 500,000 (June ’25, SimilarWeb)
Employees: 840 (Pitchbook) vs. 1,000 Jan ’25 through Aug ’23

Social:
LinkedIn: 43,000 followers (851 employees vs. 808 in Jan ’25; 852 in Sep ’24; 946 in Jan. ’24; 952 in August ’23)

11. Bonsai
FAB Score = 81 (down 8)
– HQ: San Francisco
– Founded: 2016

Traction:
– Raised: $120,000 in 2016 (Crunchbase)
– Website traffic: 400,000 (June ’25, SimilarWeb)
– Employees: 57 (Pitchbook), vs. 57 in Jan ’25; 50 in Sep ’24 & Jan ’24; 49 in Aug ’23; 27 in April ’23

Social:
– LinkedIn followers: 9,000 (52 employees vs. 53 in Jan ’25; 52 in Sep ’24; 48 in Jan ’24 & Aug ’23; 32 in April ’23)
– Trustpilot score: 4.1 (457 reviews, up 12 since Sep ’24)

12. Stampli
FAB Score = 81 (down 4)
– HQ: San Francisco Bay Area (Mountain View)
– Founded: 2015

Traction:
– Raised $147M including $61M in 2023 and $50M in 2021 (Crunchbase)
– Website visits: 190,000 (June ’25; SimilarWeb)
– Employees:  308 (Pitchbook) vs. 307 in Jan ’25; 300 Sep ’24; 265 in Jan. ’24; 217 in Aug ’23; 214 in Nov ’22

Social:
– LinkedIn: 10,000 followers (313 employees vs 312 in Jan ’25; 297 in Sep ’24; 275 in Jan ’24; 245 in Aug ’23; 220 in April ’23)
– G2 rating: 4.6 (1,480 reviews, up 110 since Jan ’25)

13. Autobooks
FAB Score = 61 (up 3)
– Founded: 2015
– HQ: Detroit, Michigan

Traction:
– Raised: $153M including $55M in May 2025, $25M in 2021 & $50M in 2022 (Crunchbase)
– Website visits: 98,000 (June ’25; SimilarWeb)
– Employees: 86 (Pitchbook), unchanged since Jan ’25; vs. 92 in Jan ’24 & Aug ’23; 141 in April ’23

Social:
– LinkedIn: 6,000 (86 employees, unchanged since Jan ’25; vs. 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)

14. BillerGenie
FAB Score = 51 (up 4)
– Founded: 2018
– HQ: Miami

Traction:
– Funding: $11.5M including $2M in May 2025, $6M in 2022 (Crunchbase)
– Articles: 19 (Crunchbase)
– Website visits: 230,000 (June ’25, SimilarWeb)
– Employees: 50 (Pitchbook), unchanged since Jan; vs. 42 in Sep ’24; 40 in Jan ’24 & Aug ’23

Social:
– Linkedin: 10,000 followers (54 employees vs 51 in Jan ’25; 46 in Sep ’24; 38 in Jan. ’24; 37 in Aug ’23)

15. Plastiq (acquired by Priority, Aug 2023)
Fab score = 50 (up 4)
– Founded: 2012
– HQ: San Francisco

Traction:
– Raised: $142 million including $75M in 2020 (Crunchbase)
– Website visits: 165,000 (June ’25; SimilarWeb)
– Employees: 103 (Pitchbook), unchanged since Aug ’23; was 163 in April ’23
– LinkedIn: 7,000 followers (55 employees vs 58 in Jan ’25; 61 in Sep ’24; 82 in Jan ’24; 102 in Aug ’23; 133 in April ’23)
– Trustpilot: 3.1 (953 reviews, up 1 since Jan)

16. Online Check Writer
FAB score = 39 (down 6)
– Founded: 2008
– HQ: San Francisco

Traction:
– Raised: $2.7M prior to 2020 (Crunchbase)
– Website visits: 230,000 (April ’25; SimilarWeb)
– Employees: 137 (Pitchbook) vs 134 in Jan ’25; 133 in Sep ’24 & Jan ’24; 132 in Aug ’23
– Linkedin: 32,000 followers (139 employees vs. 136 in Jan ’25; 134 in Sep ’24; 130 in Jan. ’24; 127 in Aug ’23; 113 in April ’23)
– Trustpilot: 4.1 (1,640 reviews, up 20 since Jan)

17. Plooto
FAB Score = 32 (down 11)
– HQ: Toronto
– Founded: 2015

Traction:
– Raised $26M including $20M in 2022 (Crunchbase)
– Website visits: 140,000 (SimilarWeb, June ’25)
– Employees: 130 (Pitchbook) unchanged since Sep ’24
– Linkedin: 9,000 followers (108 employees vs. 116 in Jan ’25; 117 in Sep ’24)

18. PaySimple (division of EverCommerce)
FAB Score = 29 (down 2)
– HQ: Denver, Colorado
– Founded: 2006

Traction:
– Raised $145M prior to 2021 (Crunchbase)
– Website visits: 86,000 (June ’25; SimilarWeb)
– Employees: 83 (Linkedin), down 8 since Nov 2022
– LinkedIn: 5,000 followers (62 employees vs. 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, up 1 since Jan)

19. Invoice2Go (acquired by Bill.com)
FAB Score = 27 (down 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: 155,000 (April ’25; SimilarWeb)
– Employees: 106 (Pitchbook), unchanged since April ’23
– 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: 4.8 (51,600 reviews, up 1,300 since Jan)
– Capterra rating: 4.3 (262 reviews, up 11 since Jan)

20. InvoiceNinja
FAB Score = 23 (down 2)
– HQ: Hefa, Israel
– Founded: 2014

Traction:
– Raised Unknown (Crunchbase)
– Website visits: 120,000 (June ’25; SimilarWeb)
– Employees: 5 (Linkedin)
– Linkedin: 560 followers (5 employees, unchanged since Aug ’23)
– iOS rating: 4.9 (83 reviews, up 5 since Jan)
– Software Advice rating: 4.7 (165 reviews, up 1 since Jan)

21. Routable
FAB Score = 16 (up 1)
– HQ: Seattle
– Founded: 2017

Traction:
– Raised $46.5M including $30M in 2021 (Crunchbase)
– Website visits: 37,000 (June ’25; SimilarWeb)
– Employees: 81 (Pitchbook), unchanged since Jan ’25; vs. 100 in Sep; 119 in Jan ’24; 129 in Aug ’23
– Linkedin: 10,000 followers (80 employees unchanged since Jan ’25; vs. 85 in Sep ’24; 110 in Jan ’24; 118 in Aug ’23; 134 in April ’23)
– FeaturedCustomers rating: 4.8 (880 reviews, up 117 since Jan)

22. Beanworks (acquired by Quadient, March 2021)
FAB Score = 0 (unchanged)
– Founded: 2012
– HQ: Vancouver, Canada

Traction:
– Funding: $12.3M in 2017 and 2018 (Crunchbase)
– Website visits: 5,700 (June ’25, SimilarWeb)
– Employees: 90 (Pitchbook), unchanged since Aug 2023
– LinkedIn: 10,000 followers (109 employees, unchanged since Jan ’25; vs. 115 in Sep ’24; 129 in Jan ’24; 133 in Aug ’23)