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, 6 of the top 7 providers are more than 10 years old. And none have started in the past 5 years.

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

Small Business Billing Startup Spotlight

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NEW: 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.


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

Rank Was Company FAB Score Review Founded HQ Funding
($M)****
Visits (Dec ’23)
Ad* Melio * 30 Jan 24 2018 NYC 504 660,000
1 1 Wave Payments (HR Block) 1,305 30 Jan 24 2009 Toronto 80 6,500,000
2 2 Freshbooks 760 30 Jan 24 2003 Toronto 330 3,400,000
3 3 Bill.com 742 30 Jan 24 2006 SF 496 3,400,000
4 4 Tipalti 451 30 Jan 24 2010 SF 715 1,500,000
5 5 AvidExchange 258 30 Jan 24 2000 Charlotte, NC 1760 110,000
6 6 Melio 207 30 Jan 24 2018 NYC 504 660,000
7 7 Vcita 131 30 Jan 24 2010 Seattle 15 670,000
8 8 Bonsai 85 30 Jan 24 2016 SF 0 420,000
9 9 Stampli 79 30 Jan 24 2015 SF 147 180,000
10 10 Plastiq 61 30 Jan 24 2012 SF 142 220,000
11 11 Autobooks 43 30 Jan 24 2015 Detroit 97.8 57,000
12 12 (t) PaySimple 38 30 Jan 24 2006 Denver 145 130,000
13 15 Emburse (ChromeRiver≥) 35 30 Jan 24 2014 LA 0.1 180,000
14 12 (t) Invoice2go (Bill.com) 34 30 Jan 24 2002 SF 60 190,000
15(t) 14 InvoiceNinja 27 30 Jan 24 2014 Hefa, Israel 0 140,000
15(t) 16 BillerGenie 27 30 Jan 24 2018 Miami 9.5 100,000
17 18 Onlinecheckwriter 21 30 Jan 24 2008 SF 2.7 140,000
18 17 Routable 12 30 Jan 24 2017 Seattle 46 17,000
19 19 Beanworks 1 30 Jan 24 2012 Vancouver 12 5,000

Source: FintechLabs, 30 Jan 2024 using data from Crunchbase, SimilarWeb, SEMrush, Pitchbook, Linkedin

* FintechLabs receives advertising and/or affiliate revenue from the company
**Rank on 29 Aug 2023
***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. Wave (acquired by H&R Block)
FAB Score = 1,305 (down 160 since Aug 2023)
– HQ: Toronto
– Founded: 2009
– Raised $79.8M (Crunchbase)
– Exit: Acquired by H&R Block for US$400M in June 2019
– Website visits: 6.5M (Dec 2023; SimilarWeb)
– Employees: 305 (Pitchbook), down 1 since August, down 38 from Mar 2023
– Articles: 319 (Crunchbase)
– Linkedin:  16,000 followers (300 employees, down 3 since August, down 5 since March)
iOS rating: 4.5 (5,700 reviews, unchanged since August)
– Rating: 4.4 ( 1,520 reviews per Software Advice, up 50 since August).

2. Freshbooks
FAB Score = 760
(down 107)
– HQ: Toronto
– Founded: 2003
– Raised $332M including $131M in 2021 and $125M in 2022 (Crunchbase)
– Website visits: 3.4M (Dec 2023; SimilarWeb)
– Employees: 617 (Linkedin), down 47 since August
– Articles: 621 (Crunchbase)
– Linkedin: 87,00 followers (617 employees, down 47 since August, down 81 since March)
iOS rating: 4.7 (10,900 reviews, up 200 since August)
SoftwareAdvice rating: 4.5 ( 4,380 reviews, up 80 since August)

3. Bill.com (see also #13 Invoice2Go)
FAB Score = 742 (up 120)
– HQ: San Francisco Bay Area
– Founded: 2006
– Raised $496M including $216M in its Dec 2019 IPO (Crunchbase)
– Annual revenue (TTM): $1.1B (Yahoo)
– Market Cap: $8.4B (NYSE:BILL 30 Jan 2024) down $3.4B since 29 Aug 2023, up $200M since 24 April 2023
– Website visits: 3.4M (Dec 2023; SimilarWeb)
– Employees: 2,520 (Pitchbook), up 250 from August
– Articles: 211 (Crunchbase)
– Linkedin: 47,000 followers (2,930 employees, down 20 since August)
iOS rating: 4.9 (46,100 reviews, up 3,100 since August)
Capterra: 4.1 (503 reviews, up 32 since August)

4. Tipalti
FAB Score = 451 (down 76)
– 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: 1.5M (Dec 2023; SimilarWeb)
– Employees: 1,050 (Pitchbook), down 60 since August 2023, down 76 since April 2023
– Articles: 210 (Crunchbase)
– Linkedin:  38,000 followers (1,110 employees, up 76 since August, up 100 since April)
G2 rating: 4.5 (206 reviews, up 42 since August)

5. AvidXchange
FAB Score = 258 (down 222)
– HQ: Charlotte, NC
– Founded: 2000
– Raised: $1.8B of which $660M was in 2021 (Crunchbase)
– Market cap: $2.3B (30 Jan 2024), up $200M since 29 Aug 2023, up $800M since 24 April 2023; NASDAQ: AVDX
– Annual revenue: $363M (TTM) (Yahoo)
– Website visits: 110,000 (Dec 2023; SimilarWeb)
– Employees: 1,600 (Pitchbook), unchanged since Nov 2022
– Articles: 141 (Crunchbase)
– Linkedin:  43,000 followers (1,640 employees, unchanged since August 2023, up 103 since April)
G2 review:  4.3 (222 reviews, up 3 since August)

6. Melio
FAB Score = 207 (down 95)
– HQ: NYC
– Founded: 2018
– Raised $504M including $360M in 2021 (Crunchbase)
– Website visits: 660,000 (Dec 2023; SimilarWeb)
– Employees: 632 employees (Pitchbook), up 30 since August 2023, up 35 since April)
– Articles: 78 (Crunchbase)
– Linkedin: 27,000 followers (646 employees, up 2 from August 2023, up 49 since April)
Capterra rating: 4.3 (368 reviews, up 14 since August)

7. Vcita
FAB Score = 131 (down 52)
– HQ: Seattle area (Bellevue)
– Founded: 2010
– Raised $15M prior to 2021 (Crunchbase)
– Website visits: 670,000 (Dec 2023; SimilarWeb)
– Employees: 200 (Pitchbook), unchanged since August 2023, up 28 since April
– Articles: 29 (Crunchbase)
– Linkedin:  11,000 followers (180 employees, down 11 since August, up 6 since April 2023)
iOS rating: 3.6 (91 reviews, up 3 since August)
Software Advice rating: 4.5 (254 reviews, up 5 since August)

8. Bonsai
FAB Score = 85 (down 12)
– HQ: San Francisco
– Founded: 2016
– Raised: $120,000 in 2016 (Crunchbase)
– Website traffic: 420,000 (Dec 2023, SimilarWeb)
– Employees: 50 (Pitchbook), up 1 since August, up 16 since April 2023
– Articles: 8 (Crunchbase)
Linkedin followers: 3,000 (48 employees, unchanged since August, up 16 since April 2023)
Trustpilot score: 4.4 (415 reviews, up 20 since August)

9. Stampli
FAB Score = 79 (up 9)
– HQ: San Francisco Bay Area (Mountain View)
– Founded: 2015
– Raised $147M including $61M in 2023 and $50M in 2021 (Crunchbase)
– Website visits: 180,000 (Dec 2023; SimilarWeb)
– Employees:  265 (Pitchbook), up 48 since Aug 2023, up 61 since Nov 2022
– Articles: 55 (Crunchbase)
– Linkedin: 8,000 followers (275 employees, up 30 since Aug, up 55 since April 2023)
G2 rating: 4.7 (1,050 reviews, up 300 since August 2023)

10. Plastiq (acquired by Priority, Aug 2023)
Fab score = 61 (up 2)
– Founded: 2012
– HQ: San Francisco
– Raised: $142 million including $75M in 2020 (Crunchbase)
– Website visits: 220,000 (Aug 2023; SimilarWeb)
– Employees: 103 (Pitchbook), unchanged since August, down 60 since April
– Articles: 69 (Crunchbase)
Linkedin: 6,000 followers (82 employees, down 20 since August, down 51 since April 2023)
Trustpilot: 3.2 (953 reviews, down 1)

11. Autobooks
FAB Score = 43 (down 14)
– Founded: 2015
– HQ: Detroit, Michigan
– Raised: $97.8M including $25M in 2021 & $50M in 2022 (Crunchbase)
– Website visits: 57,000 (Dec 2023; SimilarWeb)
– Employees: 92 (Pitchbook), unchanged since August, down 48 since April 2023
– Articles: 34 (Crunchbase)
Linkedin: 5,000 (91 employees, down 1 from August, down 8 since April 2023)
FeaturedCustomers: 4.8 (637 reviews, up 90 since August)

12. PaySimple (division of EverCommerce)
FAB Score = 38 (down 4)
– HQ: Denver, Colorado
– Founded: 2006
– Raised $145M prior to 2021 (Crunchbase)
– Website visits: 130,000 (Dec 2023; SimilarWeb)
– Employees: 83 (Linkedin), down 8 since Nov 2022
– Articles: 45 (Crunchbase)
– Linkedin: 4,000 followers (74 employees, down 10 since August, down 9 since April 2023)
iOS rating: 4.5 (note: only 2 reviews)
Capterra rating: 4.5 (296 reviews, up 1)

13. Emburse (acquired by Chrome River in 2019; Chrome River merged with Certify in 2019)
FAB Score = 35 (up 6)
Founded: 2014
HQ: LA
Funding: $120,000 in 2016 (Crunchbase)
Website visits: 180,000 (Dec 2023, SimilarWeb)
Employees: 1,000 (Pitchbook), unchanged since Aug 2023
Articles: 43
Linkedin: 14,000 (936 employees, down 6 since August 2023)

14. Invoice2Go (acquired by Bill.com)
FAB Score = 34 (up 16)
– HQ: San Francisco
– Founded: 2002
– Raised $60M prior to 2021 (Crunchbase)
– Exit: Acquired by Bill.com for $625M in July 2021
– Website visits: 190,000 (Dec 2023; SimilarWeb)
– Employees: 106 (Pitchbook), unchanged since April 2023
– Articles: 92 (Crunchbase)
– Linkedin:  9,000 followers (24 employees, down 20 since August, down 27 since April)
iOS rating: 4.8 (45,600 reviews, up 3,000)
Capterra rating: 4.4 (236 reviews, up 3)

15 (tie). InvoiceNinja
FAB Score = 27 (up 8)
– HQ: Hefa, Israel
– Founded: 2014
– Raised Unknown (Crunchbase)
– Website visits: 140,000 (Dec 2023; SimilarWeb)
– Employees: 4 (Linkedin)
– Articles: 17 (Crunchbase)
– Linkedin: 420 followers (5 employees, unchanged since August)
iOS rating: 4.9 (60 reviews, up 13 since August)
Software Advice rating: 4.8 (161 reviews, up 3)

15 (tie). BillerGenie
FAB Score = 27 (up 1)
– Founded: 2018
– HQ: Miami
– Funding: $9.5M including $6M in 2022 (Crunchbase)
– Articles: 14 (Crunchbase)
– Website visits: 100,000 (Dec 2023, SimilarWeb)
– Employees: 40 (Pitchbook), unchanged since Aug 2023
Linkedin: 6,000 followers (38 employees, up 1 since Aug 2023)

17. Online Check Writer
FAB score = 21 (up 3)
– Founded: 2008
– HQ: San Francisco
– Raised: $2.7M prior to 2020 (Crunchbase)
– Website visits: 140,000 (Dec 2023; SimilarWeb)
– Employees: 133 (Pitchbook), up 1 since Aug 2023
– Articles: 50 (Crunchbase)
Linkedin: 33,000 followers (130 employees, up 1 since August, up 16 since April)
Trustpilot: 4.7 (1,680 reviews, down 110 since August)

18. Routable
FAB Score = 12 (down 14)
– HQ: Seattle
– Founded: 2017
– Raised $46M including $30M in 2021 (Crunchbase)
– Website visits: 17,000 (Dec 2023; SimilarWeb)
– Employees: 119 (Pitchbook), down 10 since Aug 2023, 23 from April
– Articles: 11 (Crunchbase)
– Linkedin: 9,000 followers (110 employees, down 8 since Aug 2023, down 24 since April)
FeaturedCustomers rating: 4.8 (469 reviews, up 109 since August)

19. Beanworks (acquired by Quadient, March 2021)
FAB Score = 1
– Founded: 2012
– HQ: Vancouver, Canada
– Funding: $12M in 2017 and 2018 (Crunchbase)
– Website visits: less than 5,000 (Dec 2023, SimilarWeb)
– Articles: 17 (Crunchbase)
– Employees: 90 (Pitchbook), unchanged since Aug 2023
Linkedin: 8,000 followers (129 employees, down 4 since August)