Top 33 Digital Lenders to U.S. Small Businesses (SMB) in Feb 2022

Bank of Montreal online mortgage app circa Jan 1998 (via Internet archive). It's telling that Apply by Phone/Fax were more prominent than Apply Online.

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Cleaning out some (paper!) files over the weekend, I ran across an Online Banking Report article I wrote in 1997 about Bank of Montreal's pioneering online mortgage application. It was the first time anyone had put a mortgage app online and one of the first online credit apps of any kind (note 1). Naturally, we were excited about it, naming it the biggest innovation of the year.

Unfortunately, we didn't track when the first business loan application went online, but it was likely a few years later, let's call it 2000/2001. So, the capability has existed for 20 years. But as you can see from the chart below, the digital SMB lenders began in earnest during and right after the 2007/2008 financial crash. Only 4 surviving lenders were launched prior to 2007. Whereas, 3 of the 6 largest were founded in 2007, 2008, and 2009.

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Digital Lenders: Year Founded

Prior to 2007 >>> 4
2007 to 2011 >>> 10
2012 to 2015 >>> 13
2016 to 2018 >>> 3
2019 to 2021 >>> 3

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Challenger of the Month

 

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.

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Digital Lenders Ranked by our FAB* score (updated 3 Feb 2022)

Rank	Was**	Company	FAB Score*	Founded	HQ	Funding ($M)	Visits (Nov '21)
1	2	Kabbage (AmEx)	424	2008	Atlanta	2500	360,000
2	1	Clearco	368	2015	Toronto	682	260,000
3	3	Capchase	241	2020	NYC	470	12,000
4	5	BlueVine	212	2013	SF	767	520,000
5	5	OnDeck	183	2007	NYC	1200	100,000
6	7	Nav	180	2012	Utah	92	850,000
7	4	Pipe	178	2019	Miami	316	110,000
8	9	FundBox	149	2013	SF	554	180,000
9	8	CAN Capital	129	1998	Atlanta	1002	12,000
10	10	Fundera (NerdWallet)	121	2013	NYC	18.9	600,000
11	14	Lendio	100	2011	Utah	109	440,000
12	12	Biz2Credit	87	2007	NYC	387	200,000
13	11	Nuula	67	2021	Toronto	120	3,600
14	13	Lighter Capital	63	2010	Seattle	116	81,000
15	15	Camino Financial	58	2014	LA	20.4	280,000
16	18	Fund that Flip	31	2014	NYC	33.2	100,000
17	16	SmartBiz Loans	16	2009	SF	37	85,000
18	21	BizFI	13	2005	NYC	160	0
19	19	SMBX	12	2016	SF	15.2	26,000
20	17	SnapCap (LendingTree)	10	2012	Charlston, SC	0	65,000
21	19	Lendistry	9	2015	Brea, CA	1.5	43,000
21	27	IOU Financial	9	2011	Atlanta	32.3	43,000
23	24	HoneyComb Credit	8	2017	Pittsburgh	3.2	22,000
23	22	Credibly	8	2010	Detroit	77	12,000
25	22	Patch of Land	7	2013	LA	54.9	4,100
25	26	Forward Line	7	2003	SF	120	7,700
27	25	Salaryo	4	2017	NYC	12.1	1,700
28	27	P2Binvestor	2	2012	Denver	33.3	1,400
28	30	Rapid Finance	2	2005	Bethesda, MD	0	60,000
30	27	Lendvo	1	2015	Wash DC	1.3	4,200
30	30	Channel Partners	1	2009	Minneapolis	50	1,400
32	30	Lendr	0	2011	Chicago	25	1,200
32	30	Lendinero	0	2014	Miami	0.03	500

Source: Compiled by FintechLabs, 3 Feb 2022, from Crunchbase, SimilarWeb, SEMRush data

*(As nerds do) We have developed a proprietary score measuring adoption of private digital financial services companies that do not release traditional metrics (# customers, loans, orginations, etc). We are calling it the FAB score, standing for Fintech Attention Barometer. It’s a work in progress, so expect changes in the formula.
** Rank on 15 Nov 2021

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Notes:
1. A defunct Canadian bank, Bayshore Trust, launched the first online loan application in March 1996.

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Top 30 Alt-Lenders (Digital) Lending to Small-to-Medium Businesses (SMB) in the United States (as of Nov 2021)

Rank (by FAB score)

1. Clearco (formerly Clearbanc; updated 4 Feb 2022)

FAB Score = 368
– HQ: Toronto
– Founded: 2015
– Raised: $682M (Crunchbase)
– Website visits: 260,000 (SimilarWeb, Nov 2021)
– Employees: 600 (Pitchbook)
– Articles: 78 (Crunchbase)
– Linkedin: 35,000 followers (590 employees)
– Twitter:  8,800 followers
– Trustpilot: 4.5 (261 reviews)

2. Kabbage (acquired by American Express)
FAB Score = 324
– HQ: Atlanta
– Founded: 2008
– Raised: $2.5B (Crunchbase)
– Website visits: 420,000 (SimilarWeb, Oct 2021)
– Employees: 188 (Pitchbook)
– Citations: 604 (Crunchbase)
– Linkedin: 37,000 followers
– Twitter:  26,700 followers
– Trustpilot: 3.7 (6,700 reviews)

3. Capchase

FAB Score = 245
– HQ: NYC
– Founded: 2020
– Raised: $470M (Crunchbase)
– Website visits: 56,000 (SimilarWeb, Oct 2021)
– Employees: 67 (Pitchbook)
– Articles: 13 (Crunchbase)
– Linkedin: 4,400 followers
– Twitter:  1,260 followers
– Trustpilot: NA

4. Pipe

FAB Score = 138
– HQ: Miami
– Founded: 2019
– Raised: $316M (Crunchbase)
– Valuation: $1B+ (estimate)
– Website visits: 110,000 (SimilarWeb, Oct 2021)
– Employees: 119 (Pitchbook)
– Articles: 49 (Crunchbase)
– Linkedin: 9,100 followers
– Twitter:  29,700 followers
– Trustpilot:  NA

 

5 (tie). Bluevine
FAB Score = 138
– HQ: San Francisco
– Founded: 2013
– Raised: $768M (Crunchbase)
– Valuation: $1B+ (estimate)
– Website visits: 440,000 (SimilarWeb, Oct 2021)
– Employees: 460 (Pitchbook)
– Articles: 102 (Crunchbase)
– Linkedin: 34,000 followers
– Twitter:  4,400 followers
– Trustpilot:  4.4 (6,700 reviews)

 

5 (tie). OnDeck (NYSE:ONDK)
FAB Score = 138
– HQ: NYC
– Founded: 2007
– Raised: $1.2B (Crunchbase)
– Website visits: 100,000 (Oct 2021, SimilarWeb)
– Employees: 746 (Pitchbook)
– Citations: 589 (Crunchbase)
– Twitter:  12,300 followers
– Linkedin: 23,700 followers
– Trustpilot: 4.8 (3,020 reviews)

7. Nav
FAB Score = 125
– HQ: Utah
– Founded: 2012
– Raised: $92M (Crunchbase)
– Website visits: 940,000 (Oct 2021, SimilarWeb)
– Employees: 119 (Pitchbook)
– Articles: 176 (Crunchbase)
– Twitter: 3,440 followers
– Trustpilot: 4.6 (156 reviews)

 

8. CAN Capital
FAB Score = 97
– HQ: Atlanta
– Founded: 1998
– Raised: $1.0B (Crunchbase)
– Website visits: 19,000 (Oct 2021, SimilarWeb)
– Employees: 395 (Pitchbook)
– Articles: 92 (Crunchbase)
– Linkedin: 12,400 followers
– Twitter:  2,050 followers
– Trustpilot: 4.6 (718 reviews)

9. Fundbox 
FAB Score = 77
– HQ: SF
– Founded: 2013
– Raised: $454M (Crunchbase)
– Website visitors: 230,000 (Oct 2021, SimilarWeb)
– Employees: 300 (Pitchbook)
– Articles: 98 (Crunchbase)
– Linkedin: 14,600 followers
– Twitter:  7,920 followers
– Trustpilot: 4.7 (2,740 reviews)

10. Fundera (acquired by NerdWallet) 
FAB Score = 76
– HQ: NYC
– Founded: 2013
– Raised: $18.9M (Crunchbase)
– Website visitors: 610,000 (Oct 2021, SimilarWeb)
– Employees: 200 (Pitchbook)
– Articles: 66 (Crunchbase)
– Linkedin: 6,450 followers
– Twitter:  27,200 followers
– Trustpilot:  4.8 (821 reviews)

11. Nuula
FAB Score = 63
– HQ: Toronto
– Founded: 2021
– Raised: $120M (Crunchbase)
– Website visits: 220,000 (April 2021; SimilarWeb)
– Employees: 100 (Pitchbook)
– Articles: 9 (Crunchbase)
– Twitter:  34 followers
– Linkedin: 2,800 followers
– Trustpilot:  NA

12. Biz2Credit 
FAB Score = 63
– HQ: NYC
– Founded: 2007
– Raised: $387M (Crunchbase)
– Website visits: 220,000 (April 2021; SimilarWeb)
– Employees: 376 (Pitchbook)
– Citations: 149 (Crunchbase)
– Twitter:  14,300 followers
– Linkedin: 25,500 followers
– Trustpilot:  4.5 (13,900 reviews)

 

13. Lighter Capital
FAB Score = 59
– HQ: Seattle
– Founded: 2010
– Raised: $116M (Crunchbase)
– Website visitors: 100,000 (Oct 2021; SimilarWeb)
– Employees: 40 (Pitchbook)
– Citations:  114 (Crunchbase)
– Linkedin: 14,400 followers
– Twitter: 13,200 followers
– Trustpilot:  NA

 

14. Lendio
FAB Score = 54
– HQ: Salt Lake City, Utah
– Founded: 2011 (though it was originally founded in 2006 as FundingUtah).
– Raised: $109M (Crunchbase)
– Website visits: 380,000 (Sep 2021, SimilarWeb)
– Employees: 559 (Pitchbook)
– Citations: 121 (Crunchbase)
– Twitter:  14,000 followers
– Linkedin: 15,500 followers
– Trustpilot:  4.7 (17,300 reviews)

15. Camino Financial
FAB Score = 44
– HQ: LA
– Founded: 2014
– Raised: $20.4M (Crunchbase)
– Website visits: 340,000 (Oct 2021; SimilarWeb)
– Employees: 81 (Pitchbook)
– Articles: 14 (Crunchbase)
– Linkedin: 7,950 followers
– Twitter: 1,260 followers
– Trustpilot: 4.7 (71 reviews)

16. SmartBiz Loans (formerly BillFloat)
FAB Score = 17
– HQ: SF
– Founded: 2009 (originally as BillFloat)
– Raised: $37M (Crunchbase)
– Website visits: 150,000 (Oct 2021, SimilarWeb)
– Employees: 144 (Pitchbook)
– Citations: 13 (Crunchbase)
– Linkedin: 5,600 followers
– Twitter:  2,600 followers
– Trustpilot:  4.6 (16,300 reviews)

17. SnapCap (division of LendingTree)
FAB Score = 13
– HQ: Charleston, SC
– Founded: 2012
– Raised: INA (Crunchbase)
– Website visits: 130,000 (Oct 2021; SimilarWeb)
– Employees: 21 (Pitchbook)
– Articles: 2 (Crunchbase)
– Linkedin: 2,900 followers
– Twitter:  730 followers
– Trustpilot: 4.7 (475 reviews)

18. Fund that Flip
FAB Score = 12
– HQ: NYC
– Founded: 2014
– Raised: $13.2M (Crunchbase)
– Website visits: 95,000 (Oct 2021; SimilarWeb)
– Employees: 103 (Pitchbook)
– Articles: 13 (Crunchbase)
– Linkedin: 2,800 followers
– Twitter:  3,670 followers
– Trustpilot: NA (1 review)

19 (tie). SMBX
FAB Score = 9
– HQ: SF
– Founded: 2016
– Raised: $15.2M (Crunchbase)
– Website visitors: 14,000 (Oct 2021; SimilarWeb)
– Employees: 15 (Pitchbook)
– Articles: 11 (Crunchbase)
– Linkedin: 1,040 followers
– Twitter: 370 followers
– Trustpilot: NA

19 (tie). Lendistry
FAB Score = 9
– HQ: Brea, CA
– Founded: 2015
– Raised: $1.5M (Crunchbase)
– Website visits: 70,000 (April 2021; SimilarWeb)
– Employees: 216 (Linkedin)
– Articles: 19 (Crunchbase)
– Linkedin: 5,020 followers
– Twitter:  1,500 followers
– BBB: 4.6 (838 reviews)

 

21. BizFI (acquired by World Business Lenders 2017)
FAB Score = 8
– HQ: NYC
– Founded: 2005
– Raised: $160M (Crunchbase)
– Website visits: 1,200 (Oct 2021, SEMrush)
– Employees: 29 (Linkedin)
– Citations:  207 (Crunchbase)
– Linkedin: 1,100 followers
– Twitter: 5,540 followers
– Trustpilot: 4.6 (440 reviews)

 

22 (tie). Patch of Land
FAB Score = 6
– HQ: LA
– Founded: 2013
– Raised: $54.9M (Crunchbase)
– Website visits: 12,000 (Oct 2021; SimilarWeb)
– Employees: 35 (Pitchbook)
– Citations: 35 (Crunchbase)
– Linkedin: 3,470 followers
– Twitter:  47,500 followers
– Trustpilot: 2.7 (29 reviews)

22 (tie). Credibly
FAB Score = 6
– HQ: Detroit
– Founded: 2010
– Raised: $77M (Crunchbase)
– Website visits: 23,000 (Oct 2021; SimilarWeb)
– Employees: 110 (Pitchbook)
– Articles: 4 (Crunchbase)
– Linkedin: 4,730 followers
– Twitter:  5,570 followers
– Trustpilot: 4.8 (889 reviews)

24. Honeycomb Credit
FAB Score = 5
– HQ: Pittsburgh
– Founded: 2017
– Raised: $3.1M (Crunchbase)
– Website visitors: 15,000 (Oct 2021; SimilarWeb)
– Employees: 26 (Pitchbook)
– Articles: 20 (Crunchbase)
– Linkedin: 1,610 followers
– Twitter: 640 followers
– Trustpilot: 4.8 (38 reviews)

25. Salaryo
FAB Score = 3
– HQ: NYC
– Founded: 2017
– Raised: $12.1M (Crunchbase)
– Website visits: Unknown
– Employees: 10 (Pitchbook)
– Articles: 20 (Crunchbase)
– Linkedin: 360 followers
– Twitter:  240 followers
– Trustpilot: NA

26. ForwardLine
FAB Score = 2
– HQ: LA
– Founded: 2003
– Raised: $120M (Crunchbase)
– Website visits: 5,100 (Oct 2021; SEMrush)
– Employees: 50 (Pitchbook)
– Articles: 2 (Crunchbase)
– Linkedin: 2,060 followers
– Twitter: 650 followers
– Trustpilot: 4.8 (213 reviews)

27 (tie). P2Binvestor
FAB Score = 1
– HQ: Denver
– Founded: 2012
– Raised: $33.3M (Crunchbase)
– Website visits: 1,200 (Oct 2021; SEMrush)
– Employees: 11 (Pitchbook)
– Articles: 25 (Crunchbase)
– Linkedin: 900 followers
– Twitter: 2,540 followers
– Trustpilot: NA

27 (tie). IOU Financial
FAB Score = 1
– HQ: Atlanta
– Founded: 2011
– Raised: $32.1M (Crunchbase)
– Website visits: 3,800 (Oct 2021; SEMrush)
– Employees: 45 (Pitchbook)
– Citations: 10 (Crunchbase)
– Linkedin: 2,460 followers
– Twitter: 1,320 followers
– Trustpilot: 4.9 (565 reviews)

27 (tie). Lendvo
FAB Score = 1
– HQ: Washington DC
– Founded: 2015
– Raised: $1.3M (Crunchbase)
– Website visitors: 2,900 (Oct 2021; SEMrush)
– Employees: 2 (Pitchbook)
– Articles: 0 (Crunchbase)
– Linkedin: 52 followers
– Twitter:  NA
– Trustpilot: NA