12 must-have fintechs for starting a small business

  • Census data indicates that a record number of new businesses were created in 2021.
  • Technology companies that cater to small and medium-sized enterprises, or SMEs, have also proliferated.
  • Here are 12 startups that help SMBs with loans, expense management, corporate cards, and more.

Starting a small business is tough — something millions of Americans have learned during the pandemic and a growing debate about the nature of work.

The number of new business apps hit a record high of more than 5.3 million in 2021, up from around 4 million in 2020, according to the US Census Bureau.

But starting a small or medium-sized enterprise, or SME, comes with a wide range of challenges, such as raising the investment and capital needed to start creating and selling products, and managing expenses. , vendors and accounts as the business grows. Fortunately, there are a growing number of fintech companies offering services and products specifically designed to help.

These startups – often founded by entrepreneurs who know first-hand the ups and downs of launching a business – work with a wide range of SME clients, including early-stage tech players, small government contractors, independents and solopreneurs. Their goal is to provide more efficient ways to manage the critical but often overlooked aspects of running a business for the approximately 8 million SMBs in the United States.

Even if big SMB-fintech players are exiting the market – for example, business card startup Brex said in June it planned to shut down its SMB segment to focus on large enterprises and tech startups – opportunities remain. for the others.

Stephanie Choo, managing partner at venture capital firm Portage Ventures, told Insider that there are gaps where fintechs can reach smaller customers. “It’s really hard to think of SMBs as a giant segment, because a hairdresser will have very different needs from a restaurant, which will have different needs from a startup,” Choo said.

Here are 12 fintechs every small business owner should know about:

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