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.** 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 immediately after the 2007/2008 financial crash. Thirteen of the 36 largest were started in the 2007 to 2012 period.


Digital Lenders: Year Founded

Prior to 2007 >>> 4
2007 to 2011 >>> 10
2012 to 2015 >>> 13
2016 to 2018 >>> 4
2019 to 2021 >>> 5


Small Business Lender of the Month

National Funding |  HQ: San Diego  |  Founded: 1999  |  Raised: $105M  |  Website traffic: 70,000/mo  |  Employees: 150  |  Linkedin follwers: 6,800  |  Trustpilot score: 4.8 (1,500 reviews)

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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)

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


Digital Lenders Ranked by our FAB* score (updated 29 July 2022)

Rank Was (7/22) Company FAB Score Founded HQ Funding ($M) Visits
(Aug 22)
National Funding (Ad) ***** 1999 San Diego 105 54,000
1 2 Kabbage (AmEx) 612 2008 Atlanta 2500 1,300,000
2 1 Capchase 486 2020 NYC 950 37,000
3 3 Clearco 311 2015 Toronto 699 45,000
4 4 Pipe 296 2019 Miami 566 74,000
5 6 BlueVine 240 2013 SF 768 660,000
6 7 OnDeck 195 2007 NYC 1200 160,000
7 5 Nav 178 2012 Utah 92 840,000
8 9 FundBox 145 2013 SF 554 160,000
9 8 Camino Financial 133 2014 LA 170 280,000
10 10 CAN Capital 128 1998 Atlanta 1002 8,100
11 13 Lendio 116 2011 Utah 109 520,000
12 NEW Arc 101 2021 SF 181 21,700
13 12 Biz2Credit 87 2007 NYC 387 200,000
14 11 Fundera (NerdWallet) 85 2013 NYC 19 420,000
15 (t) 14 Nuula 67 2021 Toronto 120 7,300
15 (t) 15 Lighter Capital 67 2010 Seattle 116 97,000
17 NEW Novel Partners 61 2018 Overland Park, KS 115 INA
18 21 Lendistry 54 2015 Brea, CA 91.5 46,000
19 16 Fund that Flip 37 2014 NYC 33 130,000
20 17 IOU Financial 16 2011 Atlanta 132 4,400
21 20 BizFI 13 2005 NYC 160 0
22 18 SmartBiz Loans 12 2009 SF 37 64,000
23 18 Credibly 11 2010 Detroit 77 26,000
24 21 SMBX 14 2016 SF 15 32,000
25 23 Patch Lending 12 2013 LA 55 30,000
26 (t) 23 Forward Line 8 2003 SF 120 12,000
26 (t) 25 HoneyComb Credit 8 2017 Pittsburgh 3.2 23,000
28 NEW Float Financial 6 2021 Honolulu INA INA
29 26 Salaryo 4 2017 NYC 12 2,700
30 (t) 27 P2Binvestor 2 2012 Denver 33 INA
30 (t) 27 Channel Partners 2 2009 Minneapolis 50 5,200
30 (t) 30 Lendvo 2 2015 Wash DC 1.3 8,900
30 (t) 31 Rapid Finance 2 2005 Bethesda, MD INA 58,000
34 31 Lendr 1 2011 Chicago 25 5,800
35 (t) 27 SnapCap (LendingTree) 0 2012 Charlston, SC INA 17,000
35 (t) 31 Lendinero 0 2014 Miami 0.03 0

Source: Compiled by FintechLabs, 4 Nov 2022, from Crunchbase, SimilarWeb, SEMRush data

*(As nerds do) We have developed a proprietary score measuring the 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.
**A defunct Canadian bank, Bayshore Trust, launched the first online loan application in March 1996.
***Several lenders pay Fintech Labs a referral fee for funded loans. Those fees may impact placement on our website.
****Not applicable because National Funding is not venture-backed.



Top 30 Alt-Lenders (Digital) Lending to Small-to-Medium Businesses (SMB) in the United States (as of 4 Nov 2022)

Rank (by FAB score)

1. Capchase

FAB Score = 481
– HQ: NYC
– Founded: 2020
– Raised: $950M (including $945M in 2021 & 2022) (Crunchbase)
– Website visits: 37,000 (SimilarWeb, Aug 2022)
– Employees: 138 (Pitchbook)
– Articles: 44 (Crunchbase)
Linkedin: 9,700 followers (139 employees)
– Trustpilot: NA

2. Kabbage (acquired by American Express)
FAB Score = 428
– HQ: Atlanta
– Founded: 2008
– Raised: $2.5B (Crunchbase)
– Website visits: 1.3M (SimilarWeb, Aug 2022)
– Employees: 255 (Pitchbook)
– Citations: 620 (Crunchbase)
– Linkedin: 40,000 followers (265 employees)
Trustpilot: 2.9 (6,770 reviews)

3. Clearco (formerly Clearbanc; updated 16 June 2022)

FAB Score = 364
– HQ: Toronto
– Founded: 2015
– Raised: $699M (including $550M in 2021 & $17M in 2022) (Crunchbase)
Valuation: $2.0 billion (based on April 2021 round)
– Website visits: 45,000 (SimilarWeb, Aug 2022)
– Employees: 394 (Pitchbook)
– Articles: 105 (Crunchbase)
– Linkedin: 40,700 followers (362 employees)
Trustpilot: 4.0 (301 reviews)

4. Pipe

FAB Score = 349
– HQ: Miami
– Founded: 2019
– Raised: $316M (including $300M in 2021, $7M in 2022) (Crunchbase)
Valuation: $2B (based on March 2022 round)
– Website visits: 74,000 (SimilarWeb, Aug 2022)
– Employees: 198 (Pitchbook)
– Articles: 66 (Crunchbase)
Linkedin: 16,200 followers (209 employees)
– Trustpilot:  NA


5. Nav
FAB Score = 230
– HQ: Utah
– Founded: 2012
– Raised: $92M prior to 2021 (Crunchbase)
– Website visits: 840,000 (SimilarWeb, Aug 2022)
– Employees: 173 (Pitchbook)
– Articles: 176 (Crunchbase)
Linkedin: 4,200 followers (177 employees)
Trustpilot: 4.6 (209 reviews)


6. Bluevine
FAB Score = 228
– HQ: San Francisco
– Founded: 2013
– Raised: $769M prior to 2021 (Crunchbase)
Valuation: $1B+ (estimate)
– Website visits: 660,000 (SimilarWeb, Aug 2022)
– Employees: 557 (Pitchbook)
– Articles: 111 (Crunchbase)
– Linkedin: 50,800 followers (563 employees)
Trustpilot:  4.3 (7,070 reviews)

7. OnDeck (acquired by Enova Oct 2020)
FAB Score = 191
– HQ: NYC
– Founded: 2007
– Raised: $1.2B prior to 2021 (Crunchbase)
Acquired by Enova in Oct 2020 for $120M
– Website visits: 160,000 (Aug 2022, SimilarWeb)
– Employees: 100 (Pitchbook)
– Citations: 592 (Crunchbase)
Linkedin: 26,000 followers (293 employees)
Trustpilot: 4.8 (3,600 reviews)


8. Camino Financial
FAB Score = 177
– HQ: LA
– Founded: 2014
– Raised: $170M including $150M in 2022 (Crunchbase)
– Website visits: 280,000 (Aug 2022; SimilarWeb)
– Employees: 160 (Pitchbook)
– Articles: 22 (Crunchbase)
Linkedin: 11,700 followers (154 employees)
Trustpilot: 3.7 (79 reviews)


9. Fundbox 
FAB Score = 139
– HQ: SF
– Founded: 2013
– Raised: $554M including $100M in 2021 (Crunchbase)
– Website visitors: 160,000 (Aug 2022, SimilarWeb)
– Employees: 360 (Pitchbook)
– Articles: 117 (Crunchbase)
Linkedin: 17,400 followers (332 employees)
Trustpilot: 4.7 (3,600 reviews)


10. CAN Capital
FAB Score = 128
– HQ: Atlanta
– Founded: 1998
– Raised: $1.0B prior to 2021 (Crunchbase)
– Website visits: 8,100 (Similarweb, Aug 2022)
– Employees: 395 (Pitchbook)
– Articles: 92 (Crunchbase)
Linkedin: 13,000 followers (245 employees)
Trustpilot: 4.9 (898 reviews)


11. Fundera (acquired by NerdWallet in Nov 2020)) 
FAB Score = 93
– HQ: NYC
– Founded: 2013
– Raised: $18.9M prior to 2021 (Crunchbase)
– Website visitors: 420,000 (Aug 2022, SimilarWeb)
– Employees: 200 (Pitchbook)
– Articles: 66 (Crunchbase)
Linkedin: 6,900 followers (52 employees)
Trustpilot:  4.8 (867 reviews)


12. Biz2Credit 
FAB Score = 89
– HQ: NYC
– Founded: 2007
– Raised: $387M prior to 2021 (Crunchbase)
– Website visits: 200,000 (Aug 2022; SimilarWeb)
– Employees: 350 (Pitchbook)
– Citations: 152 (Crunchbase)
Linkedin: 30,700 followers (505 employees)
Trustpilot:  4.6 (14,500 reviews)

13. Lendio
FAB Score = 82
– HQ: Salt Lake City, Utah
– Founded: 2011 (originally founded in 2006 as FundingUtah).
– Raised: $109M prior to 2021 (Crunchbase)3
– Website visits: 520,000 (Aug 2022, SimilarWeb)
– Employees: 584 (Pitchbook)
– Citations: 127 (Crunchbase)
Linkedin: 16,800 followers (583 employees)


14. Nuula
FAB Score = 76
– HQ: Toronto
– Founded: 2020
– Raised: $120M in 2021 (Crunchbase)
– Website visits: 7,300 (Aug 2022; SimilarWeb)
– Employees: 61 (Pitchbook)
– Articles: 20 (Crunchbase)
Linkedin: 5,000 followers (36 employees)
– Trustpilot:  NA

15. Lighter Capital
FAB Score = 64
– HQ: Seattle
– Founded: 2010
– Raised: $116M including $100M in 2021 (Crunchbase)
– Website visitors: 97,000 (Aug 2022; SimilarWeb)
– Employees: 42 (Pitchbook)
– Citations:  115 (Crunchbase)
Linkedin: 15,800 followers (43 employees)
– Trustpilot:  NA


16. Fund that Flip
FAB Score = 41
– HQ: NYC
– Founded: 2014
– Raised: $53M including $20M in 2021 (Crunchbase)
– Website visits: 130,000 (Aug 2022; SimilarWeb)
– Employees: 182 (Pitchbook)
– Articles: 14 (Crunchbase)
Linkedin: 4,400 followers (215 employees)
Trustpilot: NA (1 review)


17. IOU Financial
FAB Score = 35
– HQ: Atlanta
– Founded: 2011
– Raised: $132.3M (including $200k in 2021) (Crunchbase)
– Public: TSXV:IOU
– Market cap: $15M (4 Nov 2022)
– Website visits: 4,400 (Sep 2022; SEMRush)
– Employees: 81 (Pitchbook)
– Articles: 12 (Crunchbase)
Linkedin: 3,100 followers (85 employees)
Trustpilot: 4.8 (664 reviews)


18(t). Credibly
FAB Score = 15
– HQ: Detroit
– Founded: 2010
– Raised: $77M prior to 2020 (Crunchbase)
– Website visits: 26,000 (Aug 2022; SimilarWeb)
– Employees: 146 (Pitchbook)
– Articles: 4 (Crunchbase)
Linkedin: 6,800 followers (162 employees)
Trustpilot: 4.8 (1,170 reviews)


18(t). SmartBiz Loans (formerly BillFloat)
FAB Score = 15
– HQ: SF
– Founded: 2009 (originally as BillFloat)
– Raised: $37M prior to 2014 (Crunchbase)
– Website visits: 64,000 (Aug 2022; SimilarWeb)
– Employees: 193 (Pitchbook)
– Citations: 15 (Crunchbase)
– Linkedin: 6,400 followers (227 employees)
Trustpilot:  4.6 (16,400 reviews)

20. BizFI (acquired by World Business Lenders 2017)
FAB Score = 13
– HQ: NYC
– Founded: 2005
– Raised: $160M prior to 2017 (Crunchbase)
– Website visits: INA (Sep 2022; SEMRush)
– Employees: 30 (Linkedin)
– Citations:  207 (Crunchbase)
Linkedin: 1,200 followers (30 employees)
Trustpilot: 4.6 (440 reviews)


21(t). SMBX
FAB Score = 10
– HQ: SF
– Founded: 2016
– Raised: $15.2M including $11.5M in 2021 (Crunchbase)
– Website visitors: 32,000 (Aug 2022; SimilarWeb)
– Employees: 46 (Pitchbook)
– Articles: 12 (Crunchbase)
Linkedin: 2,800 followers (54 employees)
– Trustpilot: NA

21 (tie). Lendistry
FAB Score = 10
– HQ: Brea, CA
– Founded: 2015
– Raised: $91.5M including $90M in 2022 (Crunchbase)
– Website visits: 46,000 (Aug 2022; SimilarWeb)
– Employees: 278 (Linkedin)
– Articles: 23 (Crunchbase)
Linkedin: 11,600 followers (278 employees)
BBB: 4.7 (1,300 reviews)

23(t). Patch Lending (formerly Patch of Land; acquired by Cloverhill July 2021)
FAB Score = 7
– HQ: LA
– Founded: 2013
– Raised: $54.9M prior to 2018 (Crunchbase)
– Website visits: 30,000 (Sep 2022; (SEMRush)
– Employees: 46 (Pitchbook)
– Articles: 36 (Crunchbase)
Linkedin: 4,200 followers (37 employees)
Trustpilot: 4.1 (28 reviews)


23(t). ForwardLine
FAB Score = 7
– HQ: LA
– Founded: 2003
– Raised: $120M prior to 2020 (Crunchbase)
– Website visits: 12,000 (Sep 2022; SEMRush)
– Employees: 63 (Pitchbook)
– Articles: 2 (Crunchbase)
Linkedin: 3,200 followers (64 employees)
Trustpilot: 4.7 (230 reviews)


25. Honeycomb Credit
FAB Score = 6
– HQ: Pittsburgh
– Founded: 2017
– Raised: $3.2M including $1.9M in 2021 (Crunchbase)
– Website visitors: 23,000 (Aug 2022; SimilarWeb)
– Employees: 29 (Pitchbook)
– Articles: 24 (Crunchbase)
Linkedin: 2,100 followers (31 employees)
Trustpilot: 4.6 (48 reviews)


26. Salaryo
FAB Score = 5
– HQ: NYC
– Founded: 2017
– Raised: $12.1M prior to 2021 (Crunchbase)
– Website visits: 2,700 (Sep 2022; SEMRush)
– Employees: 10 (Pitchbook)
– Articles: 20 (Crunchbase)
Linkedin: 1,300 followers (11 employees)
– Trustpilot: NA


27(t). SnapCap (division of LendingTree)
FAB Score = 2
– HQ: Charleston, SC
– Founded: 2012
– Raised: INA (Crunchbase)
– Website visits: 17,000 (Aug 2022; SimilarWeb)
– Employees: 26 (Pitchbook)
– Articles: 2 (Crunchbase)
Linkedin: 2,900 followers (26 employees)
Trustpilot: 4.9 (617 reviews)

27(t). P2Binvestor
FAB Score = 2
– HQ: Denver
– Founded: 2012
– Raised: $33.3M prior to 2019 (Crunchbase)
– Website visits: INA (Sep 2022; SEMRush)
– Employees: 11 (Pitchbook)
– Articles: 25 (Crunchbase)
Linkedin: 905 followers (2 employees)
– Trustpilot: NA


30. Lendvo
FAB Score = 1
– HQ: Washington DC
– Founded: 2015
– Raised: $1.3M prior to 2016 (Crunchbase)
– Website visitors: 8,900 (Sep 2022; SEMRush)
– Employees: 2 (Pitchbook)
– Articles: 0 (Crunchbase)
Linkedin: 57 followers (0 employees)
– Trustpilot: NA