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usiness-to-business banking continues to be among the strongest and best represented categories on the Fintech 50, with 11 companies making the list this year, up from nine in 2024. These startups help businesses manage money more efficiently, offering tools like lending, expense tracking, and cash flow management. Among the seven B2B listees that shared revenue data for the past two years, five more than doubled their top lines.
Many of the B2B fintechs on our list are riding the wave of the post-pandemic surge in small business creation. From 2021 to 2023, more than 16 million new business applications were filed in the U.S.—the highest three-year total on record, according to the Small Business Administration. Found, for example, offers all-in-one banking for small business owners and the self-employed with a business checking account that simplifies taxes, invoicing, and bookkeeping. Making its second appearance on the Fintech 50, Found grew its active customers from 120,000 to 150,000 over the past year and added tools to track expenses from card swipes to tax filing.
Of the four B2B banking companies making their debut this year, three capitalize on the wave of post-pandemic entrepreneurship in a distinct way.
Newcomer Relay, based in Toronto, offers no-fee online banking and money management tools, giving small businesses a real-time view of their cash flow. Its revenue grew 141% year-over-year. San Francisco’s Parafin, founded by three ex-Robinhood data scientists, embeds in marketplaces like Walmart and Amazon, using the data it collects there to underwrite loans and cash advances for small businesses. Parafin says these businesses often wouldn’t qualify for traditional bank loans and that its terms are better than what banks typically offer. Its revenue grew 142% in 2024. San Francisco’s Arc offers cash management and lending services to startups and high-growth companies. It has streamlined lending by replacing analysts with AI and integrating a B2B marketplace into its commercial banking platform. The result: debt offerings through Arc carry fees of about 1%, compared to 3–5% at traditional banks.
Here are the eleven business to business banking companies that made the Fintech 50 for 2025:
Arc
Headquarters: San Francisco, California.
Arc is a neo-commercial bank specializing in private credit and relies on artificial intelligence instead of traditional analysts. It offers two core services: commercial banking, which provides cash management and treasury solutions, and a capital markets platform that uses AI to convert raw data into credit metrics. These metrics are shared with a network of lenders, including private credit funds and banks. With its more efficient, AI-reliant model, Arc charges about 1% for debt offerings, compared to the 3% to 5% charged by traditional banks. In 2024, Arc processed over $4 billion in loan applications; its largest deal was $200 million and average loans were in the tens of millions.
Funding: $31 million from Bain Capital Ventures, NFX and Left Lane, among others.
Latest valuation: $105 million.
Date of last valuation: June 30, 2022.
Bona fides: In 2024, it more than doubled its cash management account customers to 2,500.
Founders: Don Muir, CEO, 32, a Stanford MBA who started his career at Boston Consulting Group; President Nick Lombardo, 33, a Stanford MBA who worked in investment banking at Credit Suisse before moving into private equity at AEA Investors.
Column
Headquarters: San Francisco, California.
Column, a federally chartered bank, partners with fintech startups to power their banking services by holding customer deposits, processing bank-to-bank transfers and supporting loan offerings. Its technology enables clients like Carta, Brex and Nium to create and manage financial products such as credit cards and lending programs. Last year, Column expanded into international payments, with revenue from that segment already exceeding $10 million.
Funding: $50 million-plus from cofounders.
Bona fides: Revenue reached $100 million last year, up from $31 million in 2023.
Cofounders: CEO William Hockey, 35, a one-time billionaire who cofounded Plaid in 2013 and sold some of his Plaid shares to finance Column; Annie Robertson Hockey, 35, a former Bain consultant and Stanford MBA.
Found
Headquarters: San Francisco, California.
This banking platform is built for small business owners, freelancers, and the self-employed. Launched in 2020, Found helps users handle the complications of working for themselves, such as managing taxes, tracking income and expenses and creating financial reports. Customers can also create invoices, pay contractors and manage projects—all in one app. Found’s core product is free, but a $150-a-year subscription includes extra benefits like advanced automation, importing of information from other accounts and interest (1.5% APY on balances up to $20,000).
Funding: $119 million from Sequoia Capital, Founders Fund and Lightspeed Venture Partners, among others.
Latest valuation: More than $400 million.
Date of last valuation: May 2024.
Bona fides: Customer transactions–which include deposits, payments and debit card transactions–topped $2 billion in 2024, up fourfold since 2022. Premium subscribers more than doubled in the past year, growing by several thousand, Found says.
Cofounders: CEO Lauren Myrick, 40, an accountant who spent eight years at Square; Connor Dunn, CIO, 36.
Imprint
Headquarters: New York, New York.
Imprint makes software that helps other businesses launch, manage and operate co-branded credit cards. Its clients include companies like H-E-B (Texas’s largest grocery retailer), Brooks Brothers and Turkish Airlines. Imprint says it has built its technology in-house with the goal of giving brands more control over their rewards programs.
Funding: $225 million from Khosla Ventures, Thrive Capital and Ribbit Capital, among others.
Latest valuation: $600 million.
Date of last valuation: October 2024.
Bona fides: By the end of 2024, Imprint had booked over 400,000 accounts, up from 100,000 in 2023.
Cofounders: CEO Darragh Murphy, 35, a former lawyer and McKinsey consultant; chairman Gaurav Ahuja, 32.
Lead Bank
Headquarters: Kansas City, Missouri.
A cadre of former Square executives bought this 97-year-old, FDIC-insured community bank in August 2022. They now use it to move money, issue loans and process payments for fintechs and crypto startups like Affirm and Ramp. Clients pay fees based on transaction or loan volume. This year, Lead launched real-time alerts and transaction-level reconciliation, a big step forward in an industry where reconciliation is usually done monthly and only at the volume level.
Funding: $100 million from Ribbit, Coatue and Khosla Ventures, among others.
Latest valuation: $750 million.
Date of last valuation: April 2024.
Bona fides: $180 million in revenue and $22 million in net profit in 2024, up from $145 million and $16 million in 2023.
Cofounders: CEO Jacqueline Reses, 55; CTO Ronak Vyas, 54; chief product and data science officer Homam Maalouf, 41; and chief legal and risk officer Erica Khalili, 42—a team of execs who built a bank at fintech Block (formerly Square).
Mercury
Headquarters: San Francisco, California.
This digital banking platform for startups offers no-fee checking and savings accounts, debit cards, venture debt financing and Treasury investments. Its cash management accounts spread deposits across 20 FDIC insured banks in their partner sweep network, thereby providing up to $5 million in FDIC insurance, with excess funds moved into a Vanguard money market fund through its Treasury account. In 2024, Mercury expanded its services so customers can now pay bills, collect payments, manage spending and close their books—all within the same platform where they manage cash. It also launched personal banking, rolling it out to a waitlist in April.
Funding: $163 million from CRV, Coatue and Andreessen Horowitz, among others.
Latest valuation: $1.6 billion.
Date of last valuation: July 2021.
Bona fides: Processed $156 billion in transactions, which includes, among other things, credit and debit cards swipes, wire, and ACH transfers, in 2024, up 64% from 2023; now has more than 200,000 customers, including Surge AI and 11x.
Cofounders: CEO Immad Akhund, 40, a software developer turned entrepreneur who sold his mobile advertising startup for $45 million in 2016; COO Jason Zhang, 34, and CTO Max Tagher, 32, who both worked with Akhund before Mercury.
Navan
Headquarters: Palo Alto, California.
Travel and expense software company Navan offers a corporate card and an expense management app that reimburses employees’ out-of-pocket business travel within 24 to 48 hours. Clients like Unilever, OpenAI, Heineken, Adobe, Netflix and Zoom pay a subscription fee, which also allows their employees to book flights, hotels and rental cars. With over 40 offices worldwide, the company has grown through acquisitions, including Green Mackay, a U.K.-based travel agency, and Contravo, a German business travel platform. In 2024, it expanded Navan Connect, a tool that links corporate cards with expense management systems, allowing real-time tracking, automated reconciliation and faster reimbursements. It is now available in 140 countries, with 100 currencies and over 250 global banks.
Funding: $1.55 billion from Andreessen Horowitz, Greenoaks and Lightspeed, among others.
Latest valuation: $ 9.2 billion.
Date of last valuation: October 2022.
Bona fides: It reached 11,000 customers in 2024, up from 8,000 in 2023.
Cofounders: CEO Ariel Cohen, 49; CTO Ilan Twig, 51–the pair also cofounded StreamOnce, a collaboration software company that was acquired by Jive Software in 2013.
Nova Credit
Headquarters: New York, New York.
Founded in 2016, Nova’s first product was Credit Passport, software that lets immigrants port over their credit history from their home countries. Lenders like American Express and HSBC pay Nova for the service because it helps them accept more customers. In 2020, Nova launched a second line of business focused on cash flow underwriting, the emerging industry of assessing borrower risk based on consumer bank account inflows and outflows. Nova’s cash flow underwriting products are now its fastest growing line of business.
Funding: $110 million.
Latest valuation: $200 million, down from about $300 million in 2020, according to PitchBook.
Date of last valuation: October 2023.
Bona fides: Revenue grew 100% in 2024, reaching an estimated $25 million. Nova counts five of the top ten banks in North America, plus four of the top 5 telecommunications companies, including Verizon.
Cofounders: CEO Misha Esipov, 37, who immigrated from Russia at two years old and did stints in investment banking and private equity before starting Nova; former COO Nicky Goulimis, 36, who left Nova in 2021 and started fraud prevention company TunicPay in 2023; and former CTO Loek Janssen, 35, who left Nova in 2019 and cofounded a tax-filing fintech startup in 2021.
Parafin
Headquarters: San Francisco, California.
Parafin was founded by three former Robinhood data scientists to improve lending for small online businesses. By using data from marketplaces like Walmart, DoorDash, Amazon and TikTok, it aims to underwrite loans more effectively. The company believes traditional credit metrics unfairly disadvantage women- and minority-owned businesses and that relying on personal credit scores or guarantees discourages many small businesses from accessing credit. Parafin integrates its lending services directly into these marketplaces, allowing sellers to apply for loans on the platforms where they do business. To date, Parafin has facilitated loans for more than 25,000 small businesses.
Funding: $194 million from Ribbit Capital, Thrive Capital and GIC, among others.
Latest valuation: $750 million.
Date of last valuation: December 2024.
Bona fides: Revenue more than doubled to $75 million in 2024 from $31 million in 2023; borrowers rose to 25,000 from 15,000 over the same period.
Cofounders: CEO Sahill Podar, 38; CTO and chief product officer Vineet Goel, 32; Ralph Furman (no longer with the company).
Ramp
Headquarters: New York, New York.
Ramp’s corporate credit card offers up to 1.5% cash back on every purchase, and its financial operations platform uses machine learning to spot wasteful spending, saving customers an average of 5% per year, the company says. Ramp also includes a travel booking service to simplify trip planning. In early 2025, it launched Ramp Treasury, which gives customers the ability to securely store operating cash in Ramp, maximize earnings, and use those funds to quickly and easily pay all of their bills. The company claims it saved customers more than a billion dollars and automated ten million hours of employee work in 2024.
Funding: $1.2 billion from Founders Fund, D1 Capital Partners and Coatue, among others.
Latest valuation: $7.65 billion in its April 2024 fundraise, down from $8.1 billion in March 2022.
Date of last valuation: April 2024.
Bona fides: Ramp has 30,000 clients—including Shopify, Anduril and Virgin Voyages–up from 20,000 a year ago.
Cofounders: CEO Eric Glyman, 34; CTO Karim Atiyeh, 35; head of growth engineering Gene Lee, 33. The longtime friends started Ramp after selling online savings startup Paribus to Capital One.
Relay
Headquarters: Toronto.
While it’s based in Canada, Relay generates most of its revenue in the U.S. It’s an online business banking platform designed for small businesses, offering no-fee accounts and money management tools. Customers can open up to 20 free checking accounts and two savings accounts with 1.75–3.76% APY to organize income, manage expenses and build cash reserves. Relay also automates cash management with features like auto-transfer rules and provides a Visa credit card with 1.5% cash back. The platform integrates with accounting software such as QuickBooks and Xero. Relay makes money from interest on deposits, interchange fees and a $30 monthly subscription tier with extras such as same-day payments.
Funding: $51.6 million from Bain Capital Ventures, Better Tomorrow Ventures and Garage Capital, among others.
Bona fides: Revenue surged to $41 million in 2024 from $17 million in 2023, while its customer base grew to more than 100,000 small businesses, up from 46,500.
Cofounders: CEO Yoseph West, 36; CTO Paul Klicnik, 40. West previously worked at Wave HQ, a small business accounting platform that was acquired by H&R Block for $405 million in 2019. Klicnik spent eight years at IBM before moving on to retail tech company Flipp, where he led product delivery.
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