Financial technology (fintech) companies harness advanced technology tools and focus on user experiences to offer faster and more convenient funding than traditional banks. With quick application business loans, tailored funding options, document-free qualifications, mobile dashboards, and prequalification tools, fintech lenders keep you in control of your financing.
In the following guide, we’ll tell you which traits to look for in top fintech companies and compare five convenient and technologically advanced options that could work for your business.
What to Look for in a Fintech Lender
Most companies offer a mix of speed, integrated technology, human interaction, transparency, convenience, ease of use, personalization, and several funding options. But few excel in every area.
Choosing the right fintech lender starts with finding a platform that aligns with your priorities. You may want the financing platform to fit seamlessly into your tech stack. Or maybe you want a personalized provider offering equipment financing for dentists.
Use the following questions to decide what you want in a fintech lender.
- Does the lender need to connect directly with your accounting or banking systems?
- Does the platform need to utilize cutting-edge technology?
- Do you need a mobile-friendly option?
- How quickly do you need to access funds?
- How much time are you willing to spend on the application?
- Do you need expert advice on the details of your loan?
- Does the lender need to personalize your financing product to your industry?
- Do you prefer to work with people?
- How many financing options do you want to consider?
The following five lenders offer excellent services but have slightly different goals and values. Consider which of these lenders aligns with your priorities.
1. Bluevine: Seamless Banking and Borrowing
Bluevine combines banking, accounts payable, and financing into its convenient mobile app and user-friendly website, but it offers minimal funding options.1 If you are looking for real-time control and self-serve functionality to manage your business finances in one place, then Bluevine is likely to impress you.
As a lender, Bluevine focuses on three financing products: credit lines up to $250,000, business term loans up to $500,000, and business credit cards.2 You apply for funds in a single, online application and get a response within 24 hours. They automate payments, integrate financing into the banking platform, and adjust your credit line as your business grows.
Compared with other fintech lenders, Bluevine offers exceptional convenience, transparency, speed, and user experience on its platform. However, with little integration with other financial systems, only a few financing products, and limited human involvement, you may not find the product or service you want.
2. Fundbox: AI-Powered and Tech-Focused Lending
Fundbox uses AI and a connection to your accounting software or business checking account to evaluate your financial health beyond your credit score.3 This fintech platform integrates with different software and utilizes advanced technology to offer simplicity, speed, and convenience.
Fundbox offers various financing options, including invoice financing, revenue-based financing, lines of credit, term loans, and accounts payable financing.4 Applications are quick and simple, so you can secure funding in around two days.
Consider Fundbox when you need a quick and straightforward lending option with cutting-edge technology and integration with other platforms. It may not be what you’re looking for if you need a specific funding solution or a human-based financing experience.
3. Cardiff: Accessible and Human Financing
Cardiff merges their human support with a fast digital approach to meet your business needs. The tech speeds up the application and underwriting process, and a loan advisor walks each applicant through the details.5 They make quick, transparent, personal financing accessible to small businesses.
When you compare working capital loan options, Cardiff stands out for their personalization and clarity. Cardiff specializes in financing specific industries where small businesses have difficulty getting funded, like construction, dental, plumbing, and restaurants.6 They simplify complicated financial terms and review those details with you to make sure you know what you are getting into.
Cardiff competes well with newer fintechs prioritizing deep integrations with accounting platforms or AI-driven cash flow tools. They also provide a person-to-person lending experience even through their app and website. They will impress you if you value personalized loans, human interaction, quick funding, and transparent terms.
Cardiff also specializes in alternative lending products like merchant cash advances (MCAs), lines of credit, and short-term loans. However, other lenders may offer a broader suite of options if you need venture debt or SBA loans.
4. Lendio: Digital Loan Brokering
If you want the speed of fintech with the variety provided by loan brokers, Lendio offers the best of both. It is a fintech-powered marketplace that matches you with dozens of potential lenders based on a single 15-minute application, saving you hours of research.7
After you submit your details, Lendio’s algorithm scans its network of vetted loan providers and returns customized options. You can view term lengths, repayment schedules, and interest rates side by side without damaging your credit. Once you agree to a specific loan, you may secure funds in 24-48 hours.8
Use Lendio when various financial products, transparency, and speed matter more to your business financing needs than integration between software or human interactions.
5. Shopify Capital: Funding for E-Commerce
If you use Shopify to process payments, you can secure simple and personalized funding built into the platforms you already use through Shopify Capital. Their fintech-style loans use your sales history to determine eligibility and repayment schedules without credit checks or additional paperwork.9
With Shopify Capital, you apply from the same platform as your admin dashboard and typically secure funding up to $2 million in two business days. Repayment matches your cash flow as the algorithm deducts payments as your revenue comes in.
E-commerce operators and other businesses currently using Shopify benefit from the minimal effort, speed, and integration into their current system from Shopify Capital. However, if you don’t already use this platform, want to compare various funding products, or value human advice in reviewing terms, this fintech lender is not for you.
Control for Your Business
Fintech lenders are redefining access to business capital. Through technology, they are opening up financing to small businesses that traditional lenders usually overlook and meet funding needs that slow-moving underwriting cannot address. When you choose a top fintech platform that aligns with your business priorities, you gain a partner and a tool to better control your business.
1https://www.bluevine.com/
2https://www.bluevine.com/business-loans
3https://fundbox.com/
4https://fundbox.com/partners/
5https://www.morningstar.com/news/accesswire/1042833msn/william-stern-leads-cardiffs-push-for-transparency-in-business-lending
6https://cardiff.co/learn/faq/
7https://support.lendio.com/en/articles/9420487-how-long-will-it-take-me-to-complete-the-application
8https://www.lendio.com/
9https://www.shopify.com/capital