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 30 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 >>> 3
2019 to 2021 >>> 3


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 Company FAB Score Founded HQ Funding $M Visits (May 22)
Ad National Funding **** 1999 San Diego 105 70,000
1 Capchase 481 2020 NYC 945 28,000
2 Kabbage (AmEx) 428 2008 Atlanta 2500 380,000
3 Clearco 364 2015 Toronto 682 350,000
4 Pipe 349 2019 Miami 566 340,000
5 Nav 230 2012 Utah 92 1,100,000
6 BlueVine 228 2013 SF 768 600,000
7 OnDeck 191 2007 NYC 1200 140,000
8 Camino Financial 177 2014 LA 170 500,000
9 FundBox 139 2013 SF 554 130,000
10 CAN Capital 128 1998 Atlanta 1002 9,500
11 Fundera (NerdWallet) 93 2013 NYC 19 460,000
12 Biz2Credit 89 2007 NYC 387 210,000
13 Lendio 82 2011 Utah 109 350,000
14 Nuula 76 2021 Toronto 120 52,000
15 Lighter Capital 64 2010 Seattle 116 84,000
16 Fund that Flip 41 2014 NYC 33 150,000
17 IOU Financial 35 2011 Atlanta 132 100,000
18 Credibly 15 2010 Detroit 77 45,000
18 SmartBiz Loans 15 2009 SF 37 78,000
20 BizFI 13 2005 NYC 160 1,900
21 Lendistry 10 2015 Brea, CA 1.5 50,000
21 SMBX 10 2016 SF 15 14,000
23 Patch Lending 7 2013 LA 55 7,700
23 Forward Line 7 2003 SF 120 7,100
25 HoneyComb Credit 6 2017 Pittsburgh 3.2 13,100
26 Salaryo 4 2017 NYC 12 1,800
27 SnapCap (LendingTree) 2 2012 Charlston, SC 0 23,000
27 P2Binvestor 2 2012 Denver 33 0
27 Channel Partners 2 2009 Minneapolis 50 5,200
30 Lendvo 1 2015 Wash DC 1.3 3,200
31 Lendinero 0 2014 Miami 0.03 0
31 Rapid Finance -3 2005 Bethesda, MD 0 34,000
31 Lendr 0 2011 Chicago 25 0

Source: Compiled by FintechLabs, 29 July 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 29 July 2022)

Rank (by FAB score)

1. Capchase

FAB Score = 481
– HQ: NYC
– Founded: 2020
– Raised: $950M (including $945M in 2021 & 2022) (Crunchbase)
– Website visits: 28,000 (SimilarWeb, May 2022)
– Employees: 115 (Pitchbook)
– Articles: 36 (Crunchbase)
Linkedin: 8,300 followers (144 employees)
Twitter:  2,300 followers
– Trustpilot: NA

 

2. Kabbage (acquired by American Express)
FAB Score = 428
– HQ: Atlanta
– Founded: 2008
– Raised: $2.5B (Crunchbase)
– Website visits: 380,000 (SimilarWeb, May 2022)
– Employees: 188 (Pitchbook)
– Citations: 614 (Crunchbase)
– Linkedin: 39,000 followers (248 employees)
– Twitter:  26,400 followers
– Trustpilot: 3.3 (6,800 reviews)

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

FAB Score = 364
– HQ: Toronto
– Founded: 2015
– Raised: $682M (including $550M in 2021) (Crunchbase)
Valuation: $2.0 billion (based on April 2021 round)
– Website visits: 350,000 (SimilarWeb, May 2022)
– Employees: 619 (Pitchbook)
– Articles: 91 (Crunchbase)
– Linkedin: 39,500 followers (579 employees)
– Twitter:  9,000 followers
– Trustpilot: 4.3 (292 reviews)

4. Pipe

FAB Score = 349
– HQ: Miami
– Founded: 2019
– Raised: $316M (including $300M in 2021) (Crunchbase)
Valuation: $2B (based on March 2022 round)
– Website visits: 340,000 (SimilarWeb, May 2022)
– Employees: 180 (Pitchbook)
– Articles: 65 (Crunchbase)
Linkedin: 14,100 followers (198 employees)
– Twitter:  32,000 followers
– Trustpilot:  NA


5. Nav
FAB Score = 230
– HQ: Utah
– Founded: 2012
– Raised: $92M prior to 2021 (Crunchbase)
– Website visits: 1.1M (May 2022, SimilarWeb)
– Employees: 150 (Pitchbook)
– Articles: 176 (Crunchbase)
Twitter: 3,500 followers
Trustpilot: 4.6 (188 reviews)


6. Bluevine
FAB Score = 228
– HQ: San Francisco
– Founded: 2013
– Raised: $768M prior to 2021 (Crunchbase)
Valuation: $1B+ (estimate)
– Website visits: 600,000 (SimilarWeb, May 2022)
– Employees: 500 (Pitchbook)
– Articles: 109 (Crunchbase)
– Linkedin: 49,000 followers (544 employees)
– Twitter:  4,500 followers
– Trustpilot:  4.4 (7,000 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: 140,000 (May 2022, SimilarWeb)
– Employees: 50 (Pitchbook)
– Citations: 590 (Crunchbase)
Twitter:  12,300 followers
Linkedin: 25,400 followers (299 employees)
Trustpilot: 4.7 (3,500 reviews)


8. Camino Financial
FAB Score = 177
– HQ: LA
– Founded: 2014
– Raised: $170M including $150M in 2022 (Crunchbase)
– Website visits: 500,000 (Apr 2022; SimilarWeb)
– Employees: 144 (Pitchbook)
– Articles: 22 (Crunchbase)
Linkedin: 10,400 followers (168 employees)
Twitter: 1,500 followers
Trustpilot: 3.8 (76 reviews)


9. Fundbox 
FAB Score = 139
– HQ: SF
– Founded: 2013
– Raised: $554M including $100M in 2021 (Crunchbase)
– Website visitors: 130,000 (May 2022, SimilarWeb)
– Employees: 333 (Pitchbook)
– Articles: 112 (Crunchbase)
Linkedin: 16,700 followers (356 employees)
Twitter:  8,000 followers
Trustpilot: 4.8 (3,500 reviews)


10. CAN Capital
FAB Score = 128
– HQ: Atlanta
– Founded: 1998
– Raised: $1.0B prior to 2021 (Crunchbase)
– Website visits: 9,500 (June 2022, SEMRush)
– Employees: 395 (Pitchbook)
– Articles: 92 (Crunchbase)
Linkedin: 12,700 followers (249 employees)
Twitter:  2,000 followers
Trustpilot: 4.9 (857 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: 460,000 (May 2022, SimilarWeb)
– Employees: 200 (Pitchbook)
– Articles: 66 (Crunchbase)
Linkedin: 6,800 followers (51 employees)
Twitter:  26,500 followers
Trustpilot:  4.7 (854 reviews)
– Linkedin: 16,400 followers (581 employees)
– Trustpilot:  4.8 (19,400 reviews)


12. Biz2Credit 
FAB Score = 89
– HQ: NYC
– Founded: 2007
– Raised: $387M prior to 2021 (Crunchbase)
– Website visits: 210,000 (May 2022; SimilarWeb)
– Employees: 376 (Pitchbook)
– Citations: 152 (Crunchbase)
Twitter:  14,500 followers
Linkedin: 29,100 followers (487 employees)
Trustpilot:  4.6 (14,300 reviews)

 

13. Lendio
FAB Score = 82
– HQ: Salt Lake City, Utah
– Founded: 2011 (though it was originally founded in 2006 as FundingUtah).
– Raised: $109M prior to 2021 (Crunchbase)
– Website visits: 350,000 (May 2022, SimilarWeb)
– Employees: 593 (Pitchbook)
– Citations: 127 (Crunchbase)
– Twitter:  13,800 followers


14. Nuula
FAB Score = 76
– HQ: Toronto
– Founded: 2020
– Raised: $120M in 2021 (Crunchbase)
– Website visits: 52,000 (April 2022; SimilarWeb)
– Employees: 61 (Pitchbook)
– Articles: 17 (Crunchbase)
Twitter:  61 followers
Linkedin: 4,600 followers (63 employees)
– Trustpilot:  NA

15. Lighter Capital
FAB Score = 64
– HQ: Seattle
– Founded: 2010
– Raised: $116M including $100M in 2021 (Crunchbase)
– Website visitors: 84,000 (May 2022; SimilarWeb)
– Employees: 42 (Pitchbook)
– Citations:  115 (Crunchbase)
Linkedin: 15,400 followers (43 empolyees)
Twitter: 13,200 followers
– Trustpilot:  NA


16. Fund that Flip
FAB Score = 41
– HQ: NYC
– Founded: 2014
– Raised: $33.2M including $20M in 2021 (Crunchbase)
– Website visits: 150,000 (May 2022; SimilarWeb)
– Employees: 182 (Pitchbook)
– Articles: 14 (Crunchbase)
Linkedin: 4,100 followers (236 employees)
Twitter:  3,700 followers
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
– Website visits: 100,000 (June 2022; SEMRush)
– Employees: 45 (Pitchbook)
– Articles: 12 (Crunchbase)
Linkedin: 2,900 followers (81 employees)
Twitter: 1,330 followers
Trustpilot: 4.7 (636 reviews)


18(t). Credibly
FAB Score = 15
– HQ: Detroit
– Founded: 2010
– Raised: $77M prior to 2020 (Crunchbase)
– Website visits: 45,000 (May 2022; SimilarWeb)
– Employees: 146 (Pitchbook)
– Articles: 4 (Crunchbase)
Linkedin: 6,400 followers (160 employees)
Twitter:  5,500 followers
Trustpilot: 4.8 (1,040 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: 78,000 (Apr 2022; SimilarWeb)
– Employees: 153 (Pitchbook)
– Citations: 15 (Crunchbase)
– Linkedin: 6,100 followers (189 employees)
– Twitter:  2,600 followers
– 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: 1,900 (May 2022; SEMRush)
– Employees: 30 (Linkedin)
– Citations:  207 (Crunchbase)
Linkedin: 1,100 followers (30 employees)
Twitter: 5,500 followers
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: 14,000 (June 2022; SEMRush)
– Employees: 30 (Pitchbook)
– Articles: 12 (Crunchbase)
Linkedin: 2,200 followers (41 employees)
Twitter: 431 followers
– Trustpilot: NA

21 (tie). Lendistry
FAB Score = 10
– HQ: Brea, CA
– Founded: 2015
– Raised: $1.5M prior to 2020 (Crunchbase)
– Website visits: 59,000 (April 2022; SimilarWeb)
– Employees: 261 (Linkedin)
– Articles: 23 (Crunchbase)
Linkedin: 11,100 followers (261 employees)
Twitter:  1,910 followers
BBB: 4.7 (1,291 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: 7,700 (Apr 2022; SimilarWeb)
– Employees: 46 (Pitchbook)
– Articles: 36 (Crunchbase)
Linkedin: 4,100 followers (49 employees)
Twitter:  47,000 followers
Trustpilot: 4.1 (28 reviews)


23(t). ForwardLine
FAB Score = 7
– HQ: LA
– Founded: 2003
– Raised: $120M prior to 2020 (Crunchbase)
– Website visits: 7,100 (June 2022; SEMRush)
– Employees: 62 (Pitchbook)
– Articles: 2 (Crunchbase)
Linkedin: 2,800 followers (65 employees)
Twitter: 649 followers
Trustpilot: 4.6 (224 reviews)


25. Honeycomb Credit
FAB Score = 6
– HQ: Pittsburgh
– Founded: 2017
– Raised: $3.2M including $1.9M in 2021 (Crunchbase)
– Website visitors: 13,100 (May 2022; SimilarWeb)
– Employees: 27 (Pitchbook)
– Articles: 24 (Crunchbase)
Linkedin: 2,000 followers (25 employees)
Twitter: 680 followers
Trustpilot: 4.6 (48 reviews)


26. Salaryo
FAB Score = 5
– HQ: NYC
– Founded: 2017
– Raised: $12.1M prior to 2021 (Crunchbase)
– Website visits: 1,800 (June 2022; SEMRush)
– Employees: 9 (Pitchbook)
– Articles: 20 (Crunchbase)
Linkedin: 939 followers (10 employees)
Twitter:  233 followers
– Trustpilot: NA


27(t). SnapCap (division of LendingTree)
FAB Score = 2
– HQ: Charleston, SC
– Founded: 2012
– Raised: INA (Crunchbase)
– Website visits: 23,000 (May 2022; SimilarWeb)
– Employees: 21 (Pitchbook)
– Articles: 2 (Crunchbase)
Linkedin: 2,900 followers (26 employees)
Twitter:  719 followers
Trustpilot: 4.9 (592 reviews)

27(t). P2Binvestor
FAB Score = 2
– HQ: Denver
– Founded: 2012
– Raised: $33.3M prior to 2019 (Crunchbase)
– Website visits: Unknown (June 2022; SEMRush)
– Employees: 11 (Pitchbook)
– Articles: 25 (Crunchbase)
Linkedin: 906 followers (3 employees)
Twitter: 2,510 followers (last tweet April 2020)
– Trustpilot: NA


30. Lendvo
FAB Score = 1
– HQ: Washington DC
– Founded: 2015
– Raised: $1.3M prior to 2016 (Crunchbase)
– Website visitors: 3,200 (June 2022; SEMRush)
– Employees: 2 (Pitchbook)
– Articles: 0 (Crunchbase)
Linkedin: 57 followers
– Twitter:  NA
– Trustpilot: NA