Eric Glyman, Ramp CEO
Ramp
Business-to-business banking remains the biggest category on this year’s Fintech 50, with 11 companies building software that helps businesses handle money without needing a traditional bank relationship for every task. Some issue cards. Others move payments, offer loans or track expenses. Many sit quietly in the background, connecting to real banks while giving business owners one place to manage cash flow. Fewer spreadsheets, faster payments and less time spent on back-office work is the appeal. As more finance tasks move into software, these tools have become a daily operating system for startups and small businesses alike.
Artificial intelligence is splitting the software world into winners and losers. Over the last year, the $7.5 billion iShares Expanded Tech-Software Sector ETF, a broad basket of public software stocks, fell about 25% as investors questioned which companies will benefit from AI and which could be disrupted by it. Ramp looks like a winner so far. The returning Fintech 50 company uses AI to review spending, enforce policies and automate routine finance decisions. Its rise has been fast. After raising money at a $7.65 billion valuation in April 2024, a down round at the time, Ramp’s valuation jumped to $32 billion following a November 2025 fundraise, making it by far the largest company in this category. The firm says it now serves 50,000 businesses, including Shopify and Anduril, and has topped more than $1 billion in gross annualized revenue.
Two newcomers this year show how the category keeps spreading into new parts of business finance. San Francisco-based Cardless helps brands launch their own credit cards. It runs the compliance, funding and back-end plumbing while partners control the look and feel inside their apps. Cards can go live in about 90 days. In 2025, Cardless launched new programs with Coinbase and Bilt and says it now has more than one million cardholders. The company reports gross revenue in the “hundreds of millions” and closed a $60 million Series C round in September 2025.
Fundbox, based in Plano, Texas, focuses on getting small businesses access to credit right where they already work. Its loans and credit lines appear inside software like QuickBooks, FreshBooks and Stripe, removing the need for a separate bank application. The company says it has provided more than $6 billion in financing to over 150,000 businesses since launching in 2014. It reached profitability in the third quarter of 2024 and grew revenue to $110 million in 2025, up from $78 million the year before.
Here are the eleven business to business banking companies that made the Fintech 50 for 2026:
Cardless
Headquarters: San Francisco, California.
Founded in 2019, Cardless helps consumer brands launch and operate their own credit card programs without becoming banks themselves. The company handles all backend services including compliance and funding, and lets brands control the customer experience inside their own apps. Cards can be launched in about 90 days. In 2025, Cardless launched new cards with Coinbase and Bilt and says it now has more than one million cardholders.
Funding: $175 million from Spark Capital, Industry Ventures and Activant Capital among others.
Latest valuation: $216 million, according to PitchBook.
Date of last valuation: September 2025.
Bona fides: Claims gross revenue in the “hundreds of millions.” Completed a $60 million Series C round led by Spark Capital in September 2025.
Cofounders: Michael Spelfogel, 29, who started his career as an intern at the travel rewards website The Points Guy. Scott Kazmierowicz, 30, who previously worked in investment banking at Goldman Sachs and Allen & Co.
Column
Headquarters: San Francisco, California.
Column is a federally chartered bank that partners with fintech companies to power their banking products, including deposits, payments, lending and credit cards. Clients include Carta, Brex and Ramp. In 2025, the company says it became the largest originator of real-time payments in the U.S., processing trillions of dollars in payment volume.
Funding: $50 million-plus from cofounders.
Bona fides: Net revenue doubled to $200 million in 2025 from $100 million in 2024.
Cofounders: CEO William Hockey, 36, a one-time billionaire who cofounded Plaid in 2013 and sold some of his Plaid shares to finance Column; Annie Robertson Hockey, 36, a former Bain consultant and Stanford MBA.
Found
Headquarters: San Francisco, California.
Found is a fintech company that provides banking services to small business owners and the self-employed through a partnership with Lead Bank. Its core product combines a business checking account with built-in tools for bookkeeping, expense tracking, invoicing and tax filing, reducing the need for outside software. Found generates 57% of its revenue from card interchange, 24% from subscriptions and other fees, and 19% from interest on customer balances. In 2025, Found added support for multiple businesses, including corporate cards for employees.
Funding: $124 million from Sequoia Capital, Founders Fund and Lightspeed Venture Partners, among others.
Latest valuation: $406 million.
Date of last valuation: May 2024.
Bona fides: Grew revenue to $20.2 million in 2025 from $13.9 million in 2024.
Cofounders: CEO Lauren Myrick, 41, an accountant who spent eight years at Square; Connor Dunn, CIO, 37, a software engineer who worked at Square for five years.
Fundbox
Headquarters: Plano, Texas.
Fundbox provides financing to small businesses through the software platforms including QuickBooks, FreshBooks and Stripe. It partners with those platforms to offer lines of credit, invoice financing and short-term loans embedded directly into their products. The company says it turned profitable in the third quarter of 2024.
Funding: $410 million from Khosla Ventures, General Catalyst and Allianz X, among others.
Latest valuation: $1.15 billion.
Date of last valuation: March 2022.
Bona fides: Has provided more than $6 billion in credit since 2013 to more than 150,000 small businesses. Revenue grew to $110 million in 2025 from $78 million in 2024.
Cofounders: CEO Prashant Fuloria, 51, formerly of Google where he worked on Google Ads, then ran the Asia-Pacific region; former CEO and executive chairman Eyal Shinar went on to found BlackOre, an AI-powered tax preparation company.
Imprint
Headquarters: New York, New York.
Founded in 2020, Imprint builds software that lets large consumer brands launch and run co-branded credit card programs. The company handles card issuing, rewards, and program management, giving partners more control than traditional bank-led card programs. Customers include the grocer H-E-B and Booking.com. In 2025, Imprint won a competitive bid to power a new co-branded card for shopping rewards company Rakuten.
Funding: $433 million from Khosla Ventures, Thrive Capital and Ribbit Capital, among others.
Latest valuation: $1.2 billion.
Date of last valuation: November 2025.
Bona fides: Revenue grew to $189 million in 2025 from $103 million in 2024.
Cofounders: CEO Darragh Murphy, 36, a former lawyer and McKinsey consultant; chairman Gaurav Ahuja, 33, also a former McKinsey consultant.
Increase
Headquarters: Bend, Oregon.
Increase provides banking infrastructure that lets fintechs and businesses move money, store deposits and access payment rails without building direct bank connections. Its platform supports ACH, wires, checks and real-time payments. Increase says it now processes hundreds of billions of dollars in payments each year.
Funding: Self-funded.
Bona fides: Increase became profitable in 2025. Over the past year, monthly payment volume tripled and deposits grew fourfold, driven by customer growth and expanded use of real-time payments.
Cofounders: Darragh Buckley, 41, an MIT engineering graduate and the first employee of Stripe. He sold some of his Stripe shares to self-fund Increase.
Lead Bank
Headquarters: Kansas City, Missouri.
Founded in 1928 and acquired by a group of fintech executives in 2022, Lead is an FDIC-insured bank that offers accounts, payments, card issuing and lending through a suite of APIs, allowing fintechs to build financial products without holding a bank charter. In December, Lead acquired Loop, a payments processor that helps businesses and e-commerce platforms move money using stablecoin rails for faster settlement.
Funding: $180 million from Ribbit, Coatue and Khosla Ventures, among others.
Latest valuation: $1.47 billion.
Date of last valuation: July 2025.
Bona fides: In 2025, Lead’s net revenue rose to $108 million, up from $73 million in 2024. Adjusted earnings jumped from $22 million to $31 million.
Cofounders: CEO Jacqueline Reses, 56; CTO Ronak Vyas, 55; chief product and data science officer Homam Maalouf, 42; and chief legal and risk officer Erica Khalili, 43—a team of execs who built a bank at fintech Block (formerly Square).
Mercury
Headquarters: San Francisco, California.
Mercury offers digital banking for startups and small businesses, with checking and savings accounts, debit cards, treasury tools and bill pay built into one platform. It works with partner banks to provide FDIC insurance while handling the software layer itself. In December 2025, it fully opened Mercury Personal to the public and applied for a national bank charter and federal deposit insurance as it moves toward becoming a regulated bank.
Funding: $500 million from CRV, Coatue and Andreessen Horowitz, among others.
Latest valuation: $3.5 billion.
Date of last valuation: March 2025.
Bona fides: In 2025, Mercury posted its third straight year of GAAP profitability. Revenue grew to $650 million in 2025 from $500 million in 2024.
Cofounders: CEO Immad Akhund, 41, a software developer turned entrepreneur who sold his mobile advertising startup for $45 million in 2016; COO Jason Zhang, 35, and CTO Max Tagher, 33, who both worked with Akhund before Mercury.
Parafin
Headquarters: San Francisco, California.
Founded in 2020 by former Robinhood data scientists, Parafin provides financing to small businesses through the platforms they already use to run their operations. It works with marketplaces, payments companies and business software providers to offer loans and cash advances based on real-time sales and cash flow data, rather than personal credit scores. In 2025, Parafin expanded beyond capital advances, launching Pay Over Time with payroll provider Gusto.
Funding: $194 million from Ribbit Capital, Thrive Capital and GIC, among others.
Latest valuation: $750 million.
Date of last valuation: October 2024.
Bona fides: The company says it serves 39,000 businesses, up from about 27,000 a year ago. Revenue grew to $90 million in 2025 up from $68.6 million in 2024.
Cofounders: CEO Sahill Podar, 39; CTO and chief product officer Vineet Goel, 33; Ralph Furman, 40, (no longer with the company).
Ramp
Headquarters: New York, New York.
Ramp provides corporate cards, bill pay and expense software to help businesses control spending and manage cash. Its platform replaces manual finance work with software that enforces policies, flags unusual transactions and automates routine decisions. In 2025, Ramp grew its customer base to 50,000 companies. Using AI Ramp made more than 26 million decisions, reviewed over $10 billion in spending and prevented more than 500,000 out-of-policy transactions (saving users $291 million) in the month of October 2025 alone.
Funding: $2.3 billion from Founders Fund, D1 Capital Partners and Coatue, among others.
Latest valuation: $32 billion.
Date of last valuation: November 2025.
Bona fides: Gross revenue doubled to $1 billion in 2025 from $500 million in 2024. Valuation surged to $32 billion.
Cofounders: CEO Eric Glyman, 35; CTO Karim Atiyeh, 36; head of growth engineering Gene Lee, 34. The longtime friends started Ramp after selling online savings startup Paribus to Capital One.
Relay
Headquarters: Toronto, Ontario.
Relay provides digital banking tools designed for small businesses, with a focus on cash flow control and day-to-day operations. Its platform includes business checking accounts, debit cards, expense management and invoicing, giving owners a single place to see what’s coming in and going out. In 2025, Relay roughly doubled its customer base and grew deposits to about $1.2 billion. The company also launched invoicing, which it says helps customers get paid in about five days on average, and expanded into lending with short-term loans for small businesses.
Funding: $51.6 million from Bain Capital Ventures, Better Tomorrow Ventures and Garage Capital, among others.
Bona fides: Revenue grew to $75 million in 2025 from $47 million in 2024. Customer count, defined as unique businesses with open accounts, grew to 200,000 in 2025 from 100,000 in 2024.
Cofounders: CEO Yoseph West, 37; CTO Paul Klicnik, 41. 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.