Money and cash flow are the lifeblood of a small business. And it’s an area often overlooked by traditional online banking providers. So a number of companies have emerged during the past decade-plus to better serve SMB needs. Most providers operate on a dual revenue model which includes:
a.) monthly subscription fees to create predictable recurring revenue
b.) transaction fees to cover interchange and other variable processing costs.
We divided the payment providers into four categories:
- Charge card & expense management (see our list here)
- Bill payments and/or invoicing specialists (see below)
- Payment processors (here)
- Subscription management platforms (here)
Unlike other fintech areas, 5 of the top 7 providers are at least 15 years old. And none of the 22 started in the past 6 years.
Year founded:
2000 to 2009 >>> 7
2010 to 2014 >>> 6
2015 to 2019 >>> 8
2020 or later >>> 0
Challenger of the Month*
Open a business account online for international success
Multi-currency accounts, high speed international transfers, borderless cards, expense management, and online payments—all in one platform.
HQ: Singapore | Founded: 2015 | Total Funding $902M | Website visits: 1,700,000 month
Resources: Looking for digital banks, lenders, payment providers, insurance or digital accounting for small businesses? Check out our latest lists: Small Business (SMB) savings/treasury accounts (7) | SMB online lenders (33) | SMB challenger banks (15) | SMB insurers (15) | SMB credit cards/expense management (16) | Billpay & invoicing (16)| Payment processors (7) | SMB digital accounting/bookkeeping (21)
The FAB Score (Fintech Attention Barometer) is a proxy for the size and growth of fintech companies founded since 1999.
Top U.S. BillPay & Invoicing Startups (ranked by FAB score***)
| Rank | Was | Company | FAB Score | Review | Founded | HQ | Funding ($M) | Visits (Apr ’25) |
| 1 | NEW | Rippling Spend | 2,030 | 7 May 25 | 2016 | SF | $2,040 | 5,500,000 |
| 2 | 1 | Wave Payments (HR Block) | 1,310 | 7 May 25 | 2009 | Toronto | 80 | 6,500,000 |
| 3 | 2 | Bill.com | 922 | 7 May 25 | 2006 | SF | 496 | 4,300,000 |
| 4 | 4 | Freshbooks | 683 | 7 May 25 | 2003 | Toronto | 457 | 2,700,000 |
| 5 | 3 | Airwallex | 605 | 7 May 25 | 2015 | Singapore | 902 | 2,200,000 |
| 6 | 5 | Tipalti | 351 | 7 May 25 | 2010 | SF | 715 | 1,000,000 |
| 7 | 6 | AvidExchange | 255 | 7 May 25 | 2000 | Charlotte, NC | 1760 | 93,000 |
| 8 | 7 | Melio | 252 | 7 May 25 | 2018 | NYC | 654 | 510,000 |
| 9 | 8 | Vcita | 113 | 7 May 25 | 2010 | Seattle | 15 | 580,000 |
| 10 | 10 | Bonsai | 89 | 7 May 25 | 2016 | SF | 0 | 440,000 |
| 11 | 9 | Stampli | 85 | 7 May 25 | 2015 | SF | 147 | 210,000 |
| 12 | 17 | Emburse (ChromeRiver≥) | 59 | 7 May 25 | 2014 | LA | 0.1 | 300,000 |
| 13 | 11 | Autobooks | 58 | 7 May 25 | 2015 | Detroit | 97.8 | 130,000 |
| 14 | 13(t) | BillerGenie | 57 | 7 May 25 | 2018 | Miami | 9.5 | 250,000 |
| 15 | 12 | Plastiq | 46 | 7 May 25 | 2012 | SF | 142 | 145,000 |
| 16 | 13(t) | Onlinecheckwriter | 45 | 7 May 25 | 2008 | SF | 2.7 | 260,000 |
| 17 | 16 | Plooto | 43 | 7 May 25 | 2015 | Toronto | 26 | 160,000 |
| 18 | 15 | PaySimple | 31 | 7 May 25 | 2006 | Denver | 145 | 95,000 |
| 19 | 19 | Invoice2go (Bill.com) | 28 | 7 May 25 | 2002 | SF | 60 | 160,000 |
| 20 | 18 | InvoiceNinja | 25 | 7 May 25 | 2014 | Hefa, Israel | 0 | 130,000 |
| 21 | 20 | Routable | 15 | 7 May 25 | 2017 | Seattle | 46 | 31,000 |
| 22 | 21 | Beanworks | 0 | 7 May 25 | 2012 | Vancouver | 12 | 5,200 |
Source: FintechLabs, 7 May 2025 with data from Crunchbase, SimilarWeb, SEMrush, Pitchbook, Linkedin
* FintechLabs receives advertising and/or affiliate revenue from the company
**Rank on 16 Jan 2025
***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.
Challenger Billpay & Invoicing Suppliers in the United States
1. Rippling Spend
FAB Score = 2,030 (NEW)
– HQ: San Francisco
– Founded: 2009
– Raised $2.0B (Crunchbase)
– Website visits: 5.5M (April 2025; SimilarWeb)
– Employees: 3,630 (Pitchbook)
– LinkedIn: 247,000 followers (5,540 employees)
– iOS rating: 4.7 (4,500 reviews)
– Trustpilot: 4.6 (1,240 reviews)
– G2: 4.8 (7,960 reviews)
2. Wave (acquired by H&R Block)
FAB Score = 1,310 (up 65 since Jan ’25)
– HQ: Toronto
– Founded: 2009
– Raised $79.8M (Crunchbase)
– Exit: Acquired by H&R Block for US$400M in June 2019
– Website visits: 6.5M (April 2025; SimilarWeb)
– Employees: 312 (Pitchbook, vs 308 in Jan; 367 Sep ’24; 303 Jan ’24; 304 Aug ’23; 339 Mar ’23)
– LinkedIn: 21,000 followers (313 employees vs. 309 in Jan ’25; , 305 Sep ’24; 300 Jan ’24; 303 Aug ’23; 305 Mar ’23)
– iOS rating: 4.4 (6,300 reviews, up 200 since Jan)
– Rating: 4.4 ( 1,690 reviews per Software Advice, up 40 since Jan).
3. Bill.com (see also #13 Invoice2Go)
FAB Score = 922 (up 80)
– HQ: San Francisco Bay Area
– Founded: 2006
– Raised $496M including $216M in its Dec 2019 IPO (Crunchbase)
– Annual revenue (TTM): $1.4B (Yahoo)
– Market Cap: $4.6B (NYSE:BILL 7 May ’25) down $3.8B since Jan ’24
– Website visits: 4.3M (April 2025; SimilarWeb)
– Employees: 2,190 (Pitchbook), unchanged since Jan ’25; vs 2,620 Jan ’24; 2,370 in Aug ’23
– LinkedIn: 64,000 followers (3,320 vs 3,180 in Jan ’25; 2,990 in Sep ’24; 2,930 in Jan ’24; 2,950 in Aug ’23)
– iOS rating: 4.9 (48,700 up 1,400 since Jan)
– Capterra: 4.2 (541, up 13 since Jan)
4. Freshbooks
FAB Score = 683 (up 83)
– HQ: Toronto
– Founded: 2003
– Raised $457 including $125M in 2025, $131M in 2021 and $125M in 2022 (Crunchbase)
– Website visits: 2.7M (April 2025; SimilarWeb)
– Employees: 454 (Pitchbook) vs 571 in Jan
– LinkedIn: 89,000 followers (442 employees vs 481 in Jan ’25; 588 in Sep ’24; 617 in Jan ’24; 664 in Aug ’23; 698 in Mar ’23)
– iOS rating: 4.7 (10,900 reviews, unchanged since Sep ’24)
– SoftwareAdvice rating: 4.5 ( 4,500 reviews, up 20 since Jan)
5. Airwallex
FAB Score = 605 (down 80)
– HQ: Singapore
– Founded: 2015
– Raised: $902M including $100M in 2022 (Crunchbase)
– Website visits: 2.2M (April ’25, SimilarWeb)
– Employees: 1,700 (Pitchbook, up 100 since Jan)
– Linkedin: 105,000 followers (1,760 employees vs. 1,610 employees in Jan ’25; 1,370 in Sep ’24)
6. Tipalti
FAB Score = 351 (down 20)
– HQ: San Francisco
– Founded: 2010
– Raised $715M including $150M (debt) in May 2023 & $270M in 2021 (Crunchbase)
– Valuation: $8.3B (based on Dec 2021 round)
– Website visits: 1.0M (April 2025; SimilarWeb)
– Employees: 1,355 vs 1,310 in Jan ’25 (Pitchbook); 1,240 in Sep ’24; 1,050 in Jan ’24; 1,110 in Aug ’23; up 1,126 April ’23
– LinkedIn: 53,000 followers (1,350 employees vs. 1,320 in Jan ’24; 1,280 in Sep ’24; 1,110 in Jan ’24; 1,030 in Aug. ’23; up 1.010 in April ’23)
– G2 rating: 4.5 (334 reviews, up 128 since Jan)
7. AvidXchange (acquired by TPG, May 2025)
FAB Score = 255 (down 3)
– HQ: Charlotte, NC
– Founded: 2000
– Raised: $1.8B including $660M in 2021 (Crunchbase)
– Valuation: Acquired for $2.2B in May 2025
– Annual revenue: $440M (TTM) (Yahoo), up $77M since Jan ’24
– Website visits: 93,000 (April 2025; SimilarWeb)
– Employees: 1,600 (Pitchbook), unchanged since Nov 2022
– Articles: 151 (Crunchbase)
– LinkedIn: 52,000 followers (1,760 employees vs 1,730 in Jan ’25; 1,710 in Sep ’24; 1,640 in Jan ’24 & Aug ’23; 1,540 in April ’23)
– G2 review: 4.4 (266 reviews, up 4 since Jan)
8. Melio
FAB Score = 252 (up 8)
– HQ: NYC
– Founded: 2018
– Raised $654M including $150M in 2024, $360M in 2021 (Crunchbase)
– Website visits: 510,000 (April 2025; SimilarWeb)
– Employees: 642 employees (Pitchbook), vs 625 in Jan ’25; 618 in Sep ’24; 632 in Jan ’24; 602 in Aug ’23; 597 in April ’23)
– LinkedIn: 32,000 followers (656 employees vs. 625 in Jan ’25; 614 in Sep ’24; 646 in Jan ’24; 644 in Aug ’23; 597 in April ’23)
– Capterra rating: 4.2 (391 reviews, up 8 since Jan)
9. Vcita
FAB Score = 113 (up 10)
– HQ: Seattle area (Bellevue)
– Founded: 2010
– Raised $15M prior to 2021 (Crunchbase)
– Website visits: 580,000 (April ’25; SimilarWeb)
– Employees: 200 (Pitchbook), unchanged since Aug ’23; vs 172 in April ’23
– LinkedIn: 13,000 followers (187 employees vs. 185 in Jan ’24; 184 in Sep ’24; 180 in Jan ’24; 191 in Aug ’23; 174 in April ’23)
– iOS rating: 3.5 (103 reviews, up 3 since Jan)
– Software Advice rating: 4.4 (276 reviews, up 1 since Jan)
10. Bonsai
FAB Score = 89 (up 8)
– HQ: San Francisco
– Founded: 2016
– Raised: $120,000 in 2016 (Crunchbase)
– Website traffic: 440,000 (April ’25, SimilarWeb)
– Employees: 57 (Pitchbook), vs. 57 in Jan ’25; 50 in Sep ’24 & Jan ’24; 49 in Aug ’23; 27 in April ’23
– LinkedIn followers: 9,000 (52 employees vs. 53 in Jan ’25; 52 in Sep ’24; 48 in Jan ’24 & Aug ’23; 32 in April ’23)
– Trustpilot score: 4.1 (457 reviews, up 12 since Sep ’24)
11. Stampli
FAB Score = 85 (down 2)
– HQ: San Francisco Bay Area (Mountain View)
– Founded: 2015
– Raised $147M including $61M in 2023 and $50M in 2021 (Crunchbase)
– Website visits: 210,000 (April ’25; SimilarWeb)
– Employees: 308 (Pitchbook) vs. 307 in Jan ’25; 300 Sep ’24; 265 in Jan. ’24; 217 in Aug ’23; 214 in Nov ’22
– LinkedIn: 10,000 followers (313 employees vs 312 in Jan ’25; 297 in Sep ’24; 275 in Jan ’24; 245 in Aug ’23; 220 in April ’23)
– G2 rating: 4.6 (1,480 reviews, up 110 since Jan ’25)
12. Emburse (acquired by Chrome River in 2019; Chrome River merged with Certify in 2019)
FAB Score = 59 (up 30)
Founded: 2014
HQ: LA
Funding: $120,000 in 2016 (Crunchbase)
Website visits: 300,000 (April ’25, SimilarWeb)
Employees: 840 (Pitchbook) vs. 1,000 Jan ’25 through Aug ’23
LinkedIn: 43,000 followers (851 employees vs. 808 in Jan ’25; 852 in Sep ’24; 946 in Jan. ’24; 952 in August ’23)
13. Autobooks
FAB Score = 58 (up 9)
– Founded: 2015
– HQ: Detroit, Michigan
– Raised: $97.8M including $25M in 2021 & $50M in 2022 (Crunchbase)
– Website visits: 130,000 (April ’25; SimilarWeb)
– Employees: 86 (Pitchbook), unchanged since Jan ’25; vs. 92 in Jan ’24 & Aug ’23; 141 in April ’23
– LinkedIn: 6,000 (86 employees, unchanged since Jan ’25; vs. 85 in Sep ’24; 91 in Jan ’24; 92 in Aug ’23; 99 in April ’23)
– FeaturedCustomers: 4.8 (979 reviews, up 79 since Jan)
14. BillerGenie
FAB Score = 47 (up 6)
– Founded: 2018
– HQ: Miami
– Funding: $9.5M including $6M in 2022 (Crunchbase)
– Articles: 19 (Crunchbase)
– Website visits: 250,000 (April ’25, SimilarWeb)
– Employees: 50 (Pitchbook), unchanged since Jan; vs. 42 in Sep ’24; 40 in Jan ’24 & Aug ’23
– Linkedin: 10,000 followers (54 employees vs 51 in Jan ’25; 46 in Sep ’24; 38 in Jan. ’24; 37 in Aug ’23)
15. Plastiq (acquired by Priority, Aug 2023)
Fab score = 46 (up 1)
– Founded: 2012
– HQ: San Francisco
– Raised: $142 million including $75M in 2020 (Crunchbase)
– Website visits: 145,000 (April ’25; SimilarWeb)
– Employees: 103 (Pitchbook), unchanged since Aug ’23; was 163 in April ’23
– LinkedIn: 7,000 followers (55 employees vs 58 in Jan ’25; 61 in Sep ’24; 82 in Jan ’24; 102 in Aug ’23; 133 in April ’23)
– Trustpilot: 3.1 (953 reviews, up 1 since Jan)
16. Online Check Writer
FAB score = 45 (up 4)
– Founded: 2008
– HQ: San Francisco
– Raised: $2.7M prior to 2020 (Crunchbase)
– Website visits: 260,000 (April ’25; SimilarWeb)
– Employees: 137 (Pitchbook) vs 134 in Jan ’25; 133 in Sep ’24 & Jan ’24; 132 in Aug ’23
– Linkedin: 32,000 followers (139 employees vs. 136 in Jan ’25; 134 in Sep ’24; 130 in Jan. ’24; 127 in Aug ’23; 113 in April ’23)
– Trustpilot: 4.1 (1,640 reviews, up 20 since Jan)
17. Plooto
FAB Score = 43 (up 4)
– HQ: Toronto
– Founded: 2015
– Raised $26M including $20M in 2022 (Crunchbase)
– Website visits: 160,000 (SimilarWeb, April ’25)
– Employees: 130 (Pitchbook) unchanged since Sep ’24
– Linkedin: 9,000 followers (108 employees vs. 116 in Jan ’25; 117 in Sep ’24)
18. PaySimple (division of EverCommerce)
FAB Score = 31 (down 9)
– HQ: Denver, Colorado
– Founded: 2006
– Raised $145M prior to 2021 (Crunchbase)
– Website visits: 95,000 (April ’25; SimilarWeb)
– Employees: 83 (Linkedin), down 8 since Nov 2022
– LinkedIn: 5,000 followers (62 employees vs. 67 in Jan ’25; 71 in Sep ’24; 74 in Jan ’24; 84 in Aug ’23; 83 in April ’23)
– iOS rating: 4.5 (note: only 2 reviews)
– Capterra rating: 4.5 (300 reviews, up 1 since Jan)
19. Invoice2Go (acquired by Bill.com)
FAB Score = 28 (down 4)
– HQ: San Francisco
– Founded: 2002
– Raised $60M prior to 2021 (Crunchbase)
– Exit: Acquired by Bill.com for $625M in July 2021
– Website visits: 160,000 (April ’25; SimilarWeb)
– Employees: 106 (Pitchbook), unchanged since April ’23
– LinkedIn: 9,000 followers (13 employees, unchanged since Jan ’25; vs. 19 in Sep ’24; 24 in Jan ’24; 44 in Aug ’23; 51 in April ’23)
– iOS rating: 4.8 (51,600 reviews, up 1,300 since Jan)
– Capterra rating: 4.3 (262 reviews, up 11 since Jan)
20. InvoiceNinja
FAB Score = 25 (down 2)
– HQ: Hefa, Israel
– Founded: 2014
– Raised Unknown (Crunchbase)
– Website visits: 130,000 (April ’25; SimilarWeb)
– Employees: 5 (Linkedin)
– Linkedin: 560 followers (5 employees, unchanged since Aug ’23)
– iOS rating: 4.9 (83 reviews, up 5 since Jan)
– Software Advice rating: 4.7 (165 reviews, up 1 since Jan)
21. Routable
FAB Score = 15 (up 1)
– HQ: Seattle
– Founded: 2017
– Raised $46.5M including $30M in 2021 (Crunchbase)
– Website visits: 31,000 (April ’25; SimilarWeb)
– Employees: 81 (Pitchbook), unchanged since Jan ’25; vs. 100 in Sep; 119 in Jan ’24; 129 in Aug ’23
– Linkedin: 10,000 followers (80 employees unchanged since Jan ’25; vs. 85 in Sep ’24; 110 in Jan ’24; 118 in Aug ’23; 134 in April ’23)
– FeaturedCustomers rating: 4.8 (880 reviews, up 117 since Jan)
22. Beanworks (acquired by Quadient, March 2021)
FAB Score = 0 (unchanged)
– Founded: 2012
– HQ: Vancouver, Canada
– Funding: $12.3M in 2017 and 2018 (Crunchbase)
– Website visits: 5,200 (April ’25, SimilarWeb)
– Employees: 90 (Pitchbook), unchanged since Aug 2023
– LinkedIn: 10,000 followers (109 employees, unchanged since Jan ’25; vs. 115 in Sep ’24; 129 in Jan ’24; 133 in Aug ’23)
