Small businesses have needs across the fintech ecosystem, but they are often underserved by more established financial services players. Now, a wave of well-funded fintech companies — working across areas like payments, accounting, and insurance — are revamping the toolkit for the modern SMB.
Fintech solutions geared at small- and medium-sized businesses (SMBs) are rapidly gaining traction.
Large tech companies like Square, Shopify, and Amazon are increasingly lending to small businesses on their platforms to spur mutually beneficial growth. Amazon, for instance, offers corporate cards to customers and has inked partnerships with banks like Goldman Sachs to underwrite loans. Financial services incumbents have also taken notice, as evidenced by American Express‘ acquisition of SMB lender Kabbage in August 2020.
But a number of private fintech companies are also vying for a piece of the pie, looking to assist in everything from legal incorporation to banking to payroll. And with Covid-19 creating unprecedented challenges for small businesses — driving many into forced closure and stretching their already thin cash buffers — fintech companies have ample opportunity to impact operations.
Below, we identify 115+ companies helping develop the stack of financial tools available to SMBs.
Our market map consists of private, active companies only and is not meant to be exhaustive of the space. Categories are not mutually exclusive, and companies are mapped according to primary use case.