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 16 of the top 21 companies founded since 2012.

Years since founding:
10 to 20 years >>> 4 startups
5 to 9 years >>> 9 startups
1 to 4 years >>> 8 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.

Rank Company FAB Score Review Founded HQ Funding ($Mil) Web Visits
(Dec '21)
1 Xero 5,048 25 Jan 2022 2006 Wellington, NZ 681 24,800,000
2 Freshbooks 844 25 Jan 2022 2003 Toronto 206 3,900,000
3 HighRadius 240 25 Jan 2022 2006 Houston 475 370,000
4 Patriot 170 25 Jan 2022 2002 Canton, OH 4.4 910,000
5 TaxBit 163 25 Jan 2022 2018 Draper, Utah 236 400,000
6 Bench 147 25 Jan 2022 2012 Vancouver BC 107 570,000
7 Pilot 77 25 Jan 2022 2016 SF 161 85,000
8 OneUp 50 25 Jan 2022 2017 SF 2 240,000
9 Autobooks 46 25 Jan 2022 2015 Detroit 47.8 150,000
10 Paperclip 30 25 Jan 2022 2021 SF 8.8 100,000
11 Zeni 30 25 Jan 2022 2019 SF 47.5 16,800
12 Proper 12 25 Jan 2022 2017 SF 13.8 23,000
13 Bookkeep 7 25 Jan 2022 2018 NYC 3.3 12,300
14 Pallo 6 26 Jan 2022 2020 0 3,200
15 Xendoo 4 25 Jan 2022 2016 Miami 4.7 10,000
16 Avise 3 25 Jan 2022 2017 NYC 5.5 1,400
17 Snyder 3 25 Jan 2022 2016 SF 3 0
18 Docyt 2 25 Jan 2022 2016 SF 3.7 0
19 FinancePal 2 25 Jan 2022 2015 Chicago 0 8,700
20 Reconciled 1 25 Jan 2022 2015 Burlington, VT 1 4,200
21 Ceterus -2 25 Jan 2022 2008 Charleston, SC 29.3 5,200

Source: FintechLabs, 25 Jan 2022 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.