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: $105M | Website traffic: 70,000/mo | Employees: 150 | Linkedin follwers: 6,800 | Trustpilot score: 4.8 (1,500 reviews)
NEW: Looking for digital banks, lenders, payment providers, insurance or digital accounting for small businesses? Check out our latest lists: SMB online lenders (33) | SMB challenger banks (12) | SMB insurers (15) | SMB charge cards/expense management (16) | Billpay & invoicing (16)| Payment processors (7) | Subscription processors (7) | SMB digital accounting/bookkeeping (21)
The FAB Score Ranking (Fintech Attention Barometer) is a proxy for the size of a private fintech company.
Digital Lenders Ranked by our FAB* score (updated 29 July 2022)
| Rank | Was (7/22) | Company | FAB Score | Founded | HQ | Funding ($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
