Melio, founded in mid-2018, is the latest VC-funded entrant in the payables space.


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

Unlike other fintech areas, the majority of the large players in SMB payments launched in the first decade of the 21st century:

Years since founding:
15 to 20 years >>> 5 startups
10 to 14 years >>> 3 startups
5 to 9 years >>> 3 startups
1 to 4 years >>> 4 startups

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 (16)| 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.


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

Rank Company FAB Score* Review Founded HQ Total Funding Visits (Nov 21)
1 Wave Payments (HR Block) 863 7 Dec 2021 2009 Toronto 80 6,870,000
2 Freshbooks 599 7 Dec 2021 2003 Toronto 205 4,290,000
3 AvidXchange 449 7 Dec 2021 2000 Charlotte, NC 1,760 90,000
4 Bill.com 368 7 Dec 2021 2006 SF 496 2,570,000
5 Tipalti 260 7 Dec 2021 2010 SF 565 770,000
6 Melio 258 7 Dec 2021 2018 NYC 504 460,000
7 Invoice2go (Bill.com) 162 7 Dec 2021 2002 SF 60 1,340,000
8 Vcita 131 7 Dec 2021 2010 Seattle 15 1,070,000
9 Rho 111 1 Dec 2021 2018 NYC $205 53,000
10 Airbase 44 1 Dec 2021 2017 SF 90.5 63,000
11 InvoiceNinja 44 7 Dec 2021 2014 Hefa, Israel 0 350,000
12 Stampli 39 7 Dec 2021 2015 SF 85 70,000
13 PaySimple 31 7 Dec 2021 2006 Denver 145 180,000
14 Routable 30 7 Dec 2021 2017 Seattle 46 80,000
15 Beanworks 0 7 Dec 2021 2012 Vancouver 0 8,800

Source: FintechLabs, 13 Dec 2021 using data from Crunchbase, SimilarWeb, SEMrush

*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 Payment Providers in the United States


1. Wave (acquired by H&R Block)
FAB Score = 863
– HQ: Toronto
– Founded: 2009
– Raised $79.8M (Crunchbase)
– Exit: Acquired by H&R Block for US$400M in June 2019
– Website visits: 6.9M (Nov 2021; SimilarWeb)
– Employees: 291 (Pitchbook)
– Articles: 223 (Crunchbase)
– Linkedin:  11,000 followers (306 employees)
– Twitter:  18,900 followers
– Rating: 4.5 ( 1,122 reviews per Software Advice).

2. Freshbooks
FAB Score = 599

– HQ: Toronto
– Founded: 2003
– Raised $205M including $74M in 2021 (Crunchbase)
– Website visits: 4.3M (Nov 2021; SimilarWeb)
– Employees: 558 (Linkedin)
– Articles: 593 (Crunchbase)
– Linkedin: 62,000 followers (558 employees)
– Twitter:  30,700 followers
SoftwareAdvice rating: 4.5 ( 3,530 reviews)

3. Bill.com (see also #7 Invoice2Go)
FAB Score = 368
– HQ: San Francisco Bay Area
– Founded: 2006
– Raised $496M including $216M in its Dec 2019 IPO (Crunchbase)
– Annual revenue (TTM): $308M (Yahoo)
– Market Cap: $26B (12 Dec 2021, NYSE:Bill)
– Website visits: 2.6M (Nov 2021; SimilarWeb)
– Employees: 1,380 (Pitchbook)
– Articles: 129 (Crunchbase)
– Linkedin: 27,400 followers (1,125 employees)
– Twitter:  17,400 followers
Capterra: 4.2 (371 reviews)

4. AvidXchange
FAB Score = 449
– HQ: Charlotte, NC
– Founded: 2000
– Raised: $1.8B of which $660M was in 2021 (Crunchbase)
– Market cap: $3.2B (13 Dec 2021); NASDAQ: AVDX
– Annual revenue: $232M (TTM) (Yahoo)
– Website visits: 90,000 (Nov 2021; SimilarWeb)
– Employees: 1,500 (Pitchbook)
– Articles: 104 (Crunchbase)
– Linkedin:  26,400 followers (1,289 employees)
– Twitter:  2,720 followers
G2 review:  4.4 (126 reviews)

5. Tipalti
FAB Score = 260
– HQ: San Francisco
– Founded: 2010
– Raised $565M including $270M in 2021 (Crunchbase)
– Valuation: $8.3B (based on Dec 2021 round)
– Website visits: 770,000 (Nov 2021; SimilarWeb)
– Employees: 720 (Pitchbook)
– Articles: 159 (Crunchbase)
– Linkedin:  19,700 followers (707 employees)
– Twitter:  1,770 followers
– G2 rating: 4.3 (95 reviews)

6. Melio
FAB Score = 258
– HQ: NYC
– Founded: 2018
– Raised $504M including $360M in 2021 (Crunchbase)
– Website visits: 460,000 (Nov 2021; SimilarWeb)
– Employees: 420 employees (Pitchbook)
– Articles: 41 (Crunchbase)
– Linkedin: 12,100 followers (454 employess)
– Twitter:  5,500 followers
Capterra rating: 3.8 (70 reviews)

7. Invoice2Go (acquired by Bill.com)
FAB Score = 162
– HQ: San Francisco
– Founded: 2002
– Raised $60M prior to 2021 (Crunchbase)
– Exit: Acquired by Bill.com for $625M in July 2021
– Website visits: 1.3M (Nov 2021; SimilarWeb)
– Employees: 106 (Pitchbook)
– Articles: 91 (Crunchbase)
– Linkedin:  7,500 followers (92 employees)
– Twitter:  4,800 followers
Capterra rating: 4.1 (131 reviews)

8. Vcita
FAB Score = 131
– HQ: Seattle area (Bellevue)
– Founded: 2010
– Raised $15M prior to 2021 (Crunchbase)
– Website visits: 1.1M (Nov 2021; SimilarWeb)
– Employees: 172 (Pitchbook)
– Articles: 19 (Crunchbase)
– Linkedin:  3,900 followers (174 employees)
Twitter:  1,840 followers
Software Advice rating: 4.5 (196 reviews)

9. Rho
FAB Score = 111
– HQ: NYC
– Founded: 2018
– Raised $205M including $200M in 2021 (Crunchbase)
– Website visits (Nov 2021): 53,000 (SimilarWeb)
– Employees: 60 (Pitchbook)
– Articles: 20 (Crunchbase)
– Linkedin: 2,000 followers
– Twitter: 770 followers
– Trustpilot: No reviews

10 (tie). Airbase 
FAB Score = 44 
– HQ: SF
– Founded: 2017
– Raised $90.5M including $60M in last 12 months (Crunchbase)
– Website visits (Nov 2021): 63,000 (SimilarWeb)
– Employees: 181 (Pitchbook)
– Articles: 20 (Crunchbase)
– Linkedin: 30,000 followers
– Twitter: 630 followers
– G2: 4.8 (217 reviews)

10 (tie). InvoiceNinja
FAB Score = 44
– HQ: Hefa, Israel
– Founded: 20
– Raised Unknown (Crunchbase)
– Website visits: 350,000 (Nov 2021; SimilarWeb)
– Employees: Unknown
– Articles: 12 (Crunchbase)
– Linkedin: 187 followers (4 employees)
– Twitter: 1,800 followers
Software Advice rating: 4.8 (122 reviews)

12. Stampli
FAB Score = 39
– HQ: San Francisco Bay Area (Mountain View)
– Founded: 2015
– Raised $84.7M including $50M in 2021 (Crunchbase)
– Website visits: 70,000 (Nov 2021; SimilarWeb)
– Employees:  120 (Pitchbook)
– Articles: 28 (Crunchbase)
– Linkedin: 14,400 followers (145 employees)
– Twitter: 10,200 followers
G2 rating: 4.8 (221 reviews)

13. PaySimple (division of EverCommerce)
FAB Score = 31
– HQ: Denver, Colorado
– Founded: 2006
– Raised $145M prior to 2021 (Crunchbase)
– Website visits: 180,000 (Nov 2021; SimilarWeb)
– Employees: 1,750 at parent EverCommerce (Pitchbook)
– Articles: 42 (Crunchbase)
– Linkedin: 3,800 followers (94 employees)
– Twitter: 2,400 followers
Capterra rating: 4.5 (290 reviews)

14. Routable
FAB Score = 30
– HQ: Seattle
– Founded: 2017
– Raised $46M including $30M in 2021 (Crunchbase)
– Website visits: 80,000 (Nov 2021; SimilarWeb)
– Employees: 55 (Pitchbook)
– Articles: 6 (Crunchbase)
– Linkedin: 6,100 followers (114 employees)
– Twitter:  380 followers
FeaturedCustomers rating: 4.8 ( reviews)