Tearsheet is concluding our inaugural SMB Finance Awards -- an awards program that acknowledges and honors the best financial services companies, products, and players serving SMBs.
The SMB Finance Awards are an opportunity to showcase product excellence in SMB finance, recognizing the companies and individuals who are driving innovation and growth in this vital sector of the economy.
Applicable to traditional financial institutions and fintech firms, service providers to industry thought leaders, this awards program is open to all those who have made significant contributions to the SMB finance space.
2023 Winners of the SMB Finance Awards
Best Bank for SMBs: Bluevine
Bluevine is a one-stop digital business banking platform specifically designed for small businesses, providing a full suite of financial services – high-yield checking, lines of credit, debit and credit cards, bill pay, automated accounts payable, international payments, accounts payable – accessible from a single dashboard. Between 2020 and 2023, Bluevine claims over 40% of its Business Banking account holders are minority business owners, which is 39% greater than the percentage of minorities relative to the total US adult population
In 2023, Bluevine surpassed 500,000 businesses served and delivered more than $14 billion in loans since its inception.
Best App for SMBs: Lili
For many small business owners, taxes and accounting are the most frustrating parts of their business. Lili is a financial platform for small business owners. Lili offers business banking, smart bookkeeping, unlimited invoices & payments, and tax planning tools. By combining a checking account with AI based innovative accounting and tax preparation software, Lili helps business owners to optimize their finances, maximize tax deductions and grow their business.
Best Payments for SMBs: BILL
BILL is a leading financial operations platform for small and midsize businesses. It helps automatethe future of finance so businesses can thrive. BILL's integrated platform helps businesses more efficiently control their payables, receivables and spend and expense management. At the end of fiscal 2023, more than 460,000 businesses use BILL as their central hub of financial operations. BILL is also a trusted partner of leading U.S. financial institutions, accounting firms, and accounting software providers.
BILL processes over $266B payment volume in FY23, accounting for approximately 1% of the U.S. GDP.
Best Embedded Finance Products for SMBs: Intuit QuickBooks
QuickBooks Capital is a small business lending platform embedded within QuickBooks Online that analyzes thousands of data points from businesses' QuickBooks accounts to determine creditworthiness and make lending decisions. By eliminating most of the application process associated with traditional lenders or banks, QuickBooks Capital helps small businesses access capital quickly to help them scale when they need it most. This is especially important for smaller and newer businesses that find it challenging accessing capital from other sources.
Businesses are able to apply within minutes in QuickBooks and if approved will receive funds within 1-2 business days.
QuickBooks Capital originated $1.8 billion in loans in FY23 (up 44% YoY).