Small businesses have needs across the fintech ecosystem, and are underserved by established players that target bigger corporates.
Technology corporates and fintech startups alike are turning their attention to Main Street, and the financial needs of small and medium-sized businesses (SMBs).
As we’ve previously explored, large tech companies like Square, Shopify, and Amazon have already rolled out lending services targeted at the underserved small businesses on their platforms to spur mutually beneficial growth.
But lending is not where SMBs’ needs begin and end. These companies typically also need assistance with other financial functions, including invoicing, accounting, payments, payroll, and insurance, areas that are now becoming major targets for tech startups.
Our market map includes startups in categories like banking, payments, lending, accounting, and more.
While 32% of the companies included on our market map are focused on lending, 26% are focused on accounting, invoicing, and tax solutions. Payments (15%), Insurance (10%), and Banking (9%) accounted for other focus areas.
TRACK ALL THE SMB FINTECH STARTUPS IN THIS BRIEF AND MANY MORE ON OUR PLATFORM
Startups working on small business fintech products have the potential to change how businesses approach their finances. Look for SMB Fintech in the Collections tab.
Track SMB Fintech StartupsOur efforts to map the SMB fintech landscape focused on companies with headquarters in North America and Europe. As a result, some notable companies, like Xero, a popular accounting tool for SMBs headquartered in India, are excluded from this analysis.
