Xendoo is an up-and-coming digital accounting & bookkeeping provider 

Companies of all sizes need bookkeeping and accounting services. And it’s an ideal service to consume digitally. When I started reporting on the space in the mid-90s, I thought banks would end up delivering the bulk of basic accounting functions through their online banking programs.

But so far I’ve been proven wrong. There is too much nuance, too many gray areas, too much liability and too much competition for traditional banks to make a material profit. So the market has been ceded to the entrepreneurs, and wow, have they shown up!

It’s been a popular startup category with 14 of the top 24 companies founded since 2016.

Year founded:

2010 or earlier: 5
2011 to 2015: 5
2016 to 2019: 12
2020 or later: 2

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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 (16)| Payment processors (7) | Subscription processors (7) | SMB digital accounting/bookkeeping (21) | Equity crowdfunding (7)

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

Rank Was (Mar’23) Company FAB Score* Reviewed Founded HQ Funding ($M)** Visits (Jul’23)
1 1 Xero 6,130 13 Aug 2023 2006 Wellington, NZ 681 30,200,000
Aff* 14 Xendoo 12 13 Aug 2023 2016 Miami 8.5 44,000
2 2 Freshbooks 867 13 Aug 2023 2003 Toronto 331 3,700,000
Aff* 7 Bonsai 101 13 Aug 2023 2016 SF 0.1 480,000
3 3 HighRadius 216 13 Aug 2023 2006 Houston 475 250,000
4 6 TaxBit 134 13 Aug 2023 2018 Draper, Utah 253.8 33,000
5 5 Bench 110 13 Aug 2023 2012 Vancouver BC 109 380,000
6 4 Patriot 102 13 Aug 2023 2002 Canton, OH 4.4 570,000
7 7 Bonsai 101 29 Mar 2023 2016 SF 0.1 480,000
8 8 Pilot 88 29 Mar 2023 2016 SF 161 140,000
9 NEW Collective 64 13 Aug 2023 2020 SF 78.7 150,000
10 10 Autobooks 57 13 Aug 2023 2015 Detroit 97.8 82,000
11 9 Finally (was BackOffice) 56 13 Aug 2023 2018 Miami 99.1 24000
12 20 Synder 49 13 Aug 2023 2016 SF 3 230,000
13 11 Zeni 36 13 Aug 2023 2019 SF 47.5 43,000
14 12 Emburse (ChromeRiver) 29 13 Aug 2023 2014 LA 0.1 149,000
15 22 Ceterus 26 13 Aug 2023 2008 Charleston, SC 83.6 9,900
16 16 Bookkeep 13 13 Aug 2023 2018 NYC 9.9 26,000
17 (tie) 14 Xendoo 12 13 Aug 2023 2016 Miami 8.5 44,000
17 (tie) 17 Docyt 12 13 Aug 2023 2016 SF 13 22,000
19 14 Proper 10 13 Aug 2023 2017 SF 13.8 12,000
20 17 OneUp 8 13 Aug 2023 2017 SF 2 31,000
21 (tie) 19 Pallo 6 13 Aug 2023 2020 LA 0 6,800
21 (tie) 20 Avise 6 13 Aug 2023 2017 NYC 5.5 3,300
21 (tie) 22 FinancePal 6 13 Aug 2023 2015 Chicago 0 29,000
23 22 Reconciled 4 13 Aug 2023 2015 Burlington, VT 1 16,000

Source: FintechLabs, 13 Aug 2023 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, employees 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.
***Affiliate partner. Fintech Labs earns money by referring new customers to SMB financial providers. Referral payments may influence where companies are shown.