Kevin JohnsonAmerican Express Business Blueprint is an online financial technology service based in New York. It started in 2010 as Kabbage, a fintech company based in Atlanta, Georgia. Kabbage was a proprietary online lending platform. It offered loans, lines of credit, business checking accounts, online bill payments, and cash flow visualization tools to over 250,000 small businesses and consumers in the US.
In August 2020, US credit card giant American Express acquired Kabbage. Kabbage established KServicing to wind down its loan servicing business and switched to offering Paycheck Protection Program (PPP) loans. In March 2023, KServicing received approval to liquidate Kabbage, Inc. at the US Bankruptcy Court. [1]
Kabbage’s technology infrastructure spearheaded its PPP service and delivered $7 billion in PPP loans to small businesses across the US. American Express has been offering banking services to SMBs through the Kabbage brand. In January 2023, American Express rebranded Kabbage to Business Blueprint.
American Express Business Blueprint provides a cash flow management hub, lines of credit, loans, and business checking accounts. The platform offers innovative financial products for small businesses. However, Business Blueprint isn’t the only online financial solution for growing ventures. The service faces stiff competition from Chase, Bluevine, Novo, LendingClub, Wells Fargo, Accion, Grasshopper, and Axos. [2]
Here is an analysis of Amex Business Blueprint’s top competitors and alternatives:
1. Chase Bank
Year founded: 1955
Headquarter: New York City, New York
Chase is an American national bank and the commercial and consumer banking division of JPMorgan Chase. It offers savings accounts, lending solutions, retirement accounts, and credit cards. In May 2023, JPMorgan Chase laid off 500 workers to trim its workforce after acquiring First Republic Bank. [3]
Chase is a full-service business banking platform. Customers pay a monthly service fee to use the company’s products, including Business Complete Banking, Performance Checking, and Platinum Checking. However, each option limits the number of free transactions and cash deposits awarded to clients. Chase Bank is the top Business Blueprint competitor and alternative.
2. Bluevine
Year founded: 2013
Headquarter: Jersey City, New Jersey
Bluevine is a fintech company offering banking solutions for small businesses. The company has over $1 billion in deposits and 580 employees across its offices in Jersey City, Austin, Salt Lake City, Redwood City, Bengaluru, and Tel Aviv. As of August 2023, Bluevine had served over 500,000 business owners and facilitated over $14 billion in loans. [4]
Bluevine and Kabbage offered PPP loans to small businesses. In 2020, Bluevine delivered over 155,000 PPP loans worth over $4.5 billion. Over 33 million customers use Bluevine’s digital banking services, including checking, lending, and payments. In September 2023, the fintech company launched FDIC coverage for up to $3 million to protect customers against the risk of losses. Bluevine is a formidable competitor for Amex Business Blueprint. [5]
3. Novo
Year founded: 2018
Headquarter: Miami, Florida
Novo is a banking platform for freelancers and small businesses. The company offers Novo Invoices to deliver payments faster and Novo Boost for same-day payments through Stripe and Express ACH. In August 2023, Novo secured a $125 million facility to launch its new Novo Funding platform. This service will provide small businesses with up to $75,000 in working capital. [6]
Novo allows users to connect their business and financial apps to their Novo accounts. They can also customize their Novo accounts to manage business-critical tasks in a single place. In March 2023, Novo won the Best Digital Banking Platform Award in the 2023 FinTech Breakthrough Awards. Novo is a fast-growing competitor for Kabbage. [7]
4. LendingClub
Year founded: 2006
Headquarter: San Francisco, California
LendingClub is America’s leading digital marketplace bank. Customers can access financial products and services to help them pay less when borrowing and earn more when saving. In October 2023, LendingClub cut about 14% of its workforce, affecting 172 employees. [8]
LendingClub uses advanced credit decisioning and machine-learning models to evaluate loan applicants and rescue consumers buried in credit card debt. As of July 2023, LendingClub had served over 4.7 million customers and disbursed over $85 billion in loans. LendingClub is one of the best alternatives to Kabbage. [9]
5. Wells Fargo
Year founded: 1852
Headquarter: San Francisco, California
Wells Fargo is a multinational financial services company. It offers secured and unsecured business lines of credit options. In June 2023, Wells Fargo had 233,834 employees.
The main competitive advantage of Wells Fargo is its market presence. The company serves over 70 million customers across 35 countries globally. In September 2023, Wells Fargo partnered with Centerbridge to launch a fund. The joint venture will lend over $5 billion to North American middle-market companies. Wells Fargo is one of the top competitors for Amex Business Blueprint. [10]
6. Accion
Year founded: 1961
Headquarter: Cambridge, Massachusetts
Accion is an international nonprofit organization specializing in microfinance and fintech impact investing. It is a small business lender focusing on disadvantaged or vulnerable groups and communities. About 90% of Accion loan recipients are women, people of color, or low-to-moderate income earners.
Accion supports small businesses owned by women, people of color, and other marginalized groups. The main disadvantage of Accion is its low loan limit. Business owners can only borrow up to $250,000. However, Accion offers educational resources, networking events, and business coaches to help loan recipients thrive in their ventures. Accion is one of the best alternatives to Amex Business Blueprint for women, people of color, or low-income earners. [11]
7. Grasshopper
Year founded: 2019
Headquarter: New York City, New York
Grasshopper is a client-first digital bank serving small businesses, venture-backed startups, and investors. It offers Banking-as-a-Service (BaaS), insurance, SBA and real estate lending, commercial API banking, and yacht financing. In 2022, Grasshopper relaunched its digital banking platform to meet the evolving needs of US small businesses and innovators. [12]
Grasshopper seeks to replace the traditional one-size-fits-all banking approach with industry-specific products and services. The company raised $30.4 million in 2022 to support its growth. In July 2023, Grasshopper partnered with Cable to enhance its BaaS platform with financial crime automation and technology. Grasshopper is one of the top competitors for Amex Business Blueprint. [13]
8. Axos Bank
Year founded: 2000
Headquarter: San Diego, California
Axos is a financial company offering savings, loans, and direct banking. The company manages around $34.8 billion in client assets. In October 2023, GOBankingRates.com named Axos the Best for Mobile Banking in America. [14]
Axos offers consumer and business banking products through company-owned distribution channels and strategic partners. In June 2023, Axos was criticized for extending loans to Donald Trump’s businesses in the aftermath of the Jan 6th Capitol attack. This PR crisis can undercut Axos’ competitive advantage over Amex Business Blueprint. [15]
9. FundThrough
Year founded: 2014
Headquarter: Toronto, Canada
FundThrough is a Canadian fintech company helping SMBs accelerate their cash flows. The firm has facilitated over $1 billion in working capital to thousands of North American SMBs. In September 2023, The Globe and Mail placed FundThrough at #166 on the 2023 Canada’s Top Growing Companies Report with a 3-year growth of 291%. [16]
FundThrough helps SMBs access cash they’ve earned but locked in unpaid invoices. Its AI-powered invoice funding platform offers customized funding offers to B2B businesses. In June 2023, the Canadian Business Growth Fund invested in FundThrough to support its market and service expansion, making it one of the fastest-growing competitors for American Express Business Blueprint. [17]
10. LoanBuilder
Year founded: 2006
Headquarter: San Jose, California
LoanBuilder is a fintech company founded by Swift Financial. PayPal acquired LoanBuilder and integrated it into its platform to provide loans to small businesses. As a PayPal service, LoanBuilder has a significant advantage over its competitors. However, the main selling point of LoanBuilder is its quick and easy application process with zero extra fees.
LoanBuilder offers interest-free, short-term business loans. Borrowers repay the borrowed amount with a predetermined fixed fee weekly instead of daily. However, LoanBuilder has stringent requirements. First, eligible businesses must operate for nine months and make $42,000 annually in revenue. Second, the owner must have a personal credit score of 620. These stringent requirements undercut LoanBuilder’s competitive advantage. [18]
11. NorthOne
Year founded: 2016
Headquarter: New York City, New York
NorthOne is a mobile and web banking solution provider. The company raised $67 million in early 2022 to develop a financial platform similar to a sophisticated finance department. In January 2023, NorthOne joined The Clearing House’s real-time payments network. [19]
NorthOne and America Express offer small-business banking, but NorthOne is a fintech firm, not a bank. In July 2023, NorthOne partnered with Plaid to enhance customers’ cash flow controls. Customers can leverage a new integration to link their financial accounts through Plaid. NorthOne is a worthy competitor for Amex Business Blueprint. [20]
12. Fundbox
Year founded: 2013
Headquarter: San Francisco, California
Fundbox is an embedded working capital platform. The company has over 300 employees across its offices in San Francisco, Dallas, New York City, and Tel Aviv. Since its founding, Fundbox has served 500,000 million customers and delivered $3 billion in working capital.
Fundbox offers credit and payments as a service to small businesses. Customers can use the Fundbox Flex Pay platform to manage payables and the Fundbox Flex Card for cash outflow management. In May 2022, Fundbox partnered with Visa to strengthen its digital payment capabilities for small businesses. Fundbox is one of the best alternatives to Kabbage. [21]
13. OnDeck Capital
Year founded: 2006
Headquarter: New York City, New York
OnDeck is an online small business lending service owned by Enova International. It offers lines of credit and business-term loans. As of August 2023, OnDeck had served over 8.6 million customers and facilitated over $51 billion in loans and financing.
OnDeck uses analytics and machine learning algorithms to streamline and hasten the loan and financing process. Eligible applicants can get loans in minutes instead of days or weeks. In October 2023, Enova and OnDeck sponsored the US Chamber of Commerce’s America’s Top Small Business awards. OnDeck is one of the best alternatives to Kabbage. [22]
14. Lendio
Year founded: 2011
Headquarter: Lehi, Utah
Lendio is a free online loan marketplace. The platform aggregates financing options, allowing business owners to compare personalized offers. As of August 2023, Lendio partnered with over 75 lenders.
Lendio doesn’t offer loans or working capital. It connects business owners with lenders and simplifies the qualifying and application process. Unlike Kabbage, Lendio offers Employee Retention Credit (ERC) service. Companies of all sizes can use this ERC program to help them navigate the complexities of tax incentives and benefits. Lendio is a worthy alternative to Amex Business Blueprint. [23]
15. Sivo
Year founded: 2020
Headquarter: San Francisco, California
Sivo provides founder-friendly and programmatic debt funding. Its debt-as-a-service helps fintech companies lend to their users. In April 2023, Sivo partnered with Sila to strengthen its debt-as-a-service offerings. [24]
Sivo offers debt-as-a-service globally. Fintech lenders can access their debt line and disburse funds to their borrowers through APIs. Unlike Kabbage, Sivo offers a long-term debt partner as it supports lenders from pre-launch to $20 million in loan books. Sivo is one of the best alternatives to Kabbage for lending businesses.
References & more information
- KServicing (2023, Mar 13). KServicing Receives Court Approval for Chapter 11 Plan. PRNewswire
- AP Staff (2023, Jan 30). American Express launches products for Small Businesses. US News
- PYMNTS (2023, May 26). JPMorgan Chase cuts 500 technology and operations roles. PYMNTS
- Bluevine (2023, Aug 16). Bluevine celebrates 10 years of powering Small Business Banking. Fintech Futures
- Enloe, B. (2023, Sep 11). Bluevine Business Checking Accounts are now insured to $3 million. Forbes
- Pathe, T. (2023, Aug 3). Novo secures a $125m credit facility to provide working capital to small businesses through Novo Funding. Fintech Futures
- Novo (2023, Mar 23). Novo wins “Best Digital Banking Platform” in the 2023 FinTech Breakthrough Awards. Novo.com
- Smith, P. (2023, Oct 13). LendingClub, which targets consumers buried by credit card debt, isn’t doing well. Fortune
- LendingClub Corp (2023, Jul 10). LendingClub Schedules Second Quarter 2023 Earnings Release and Conference Call. Yahoo Finance
- Tracy, M. (2023, Sep 27). Wells Fargo teams with PE firm Centerbridge for a $5 billion lending fund. Reuters
- Papandrea, D. (2023, Sep 26). Accion Business Loans Review 2023. Investopedia
- Kenyon, T. (2022, Mar 4). How Grasshopper is making business banking more accessible. Fintech Magazine
- PYMNTS (2023, Jul 25). Grasshopper and Cable Debut Financial Crime Prevention Testing Platform. PYMNTS
- Axos Financial, Inc. (2023, Oct 13). Axos Bank was named the “Best Mobile Banking” in the US by GOBankingRates.com. Bloomberg
- Cohen, M. (2023, Aug 5). Trump’s Financial Lifeline – Axos Bank steps up amid crisis. Zenger
- FundThrough (2023, Sep 29). FundThrough placed No. 166 on The Globe and Mail’s fifth-annual ranking of Canada’s Top Growing Companies. FundThrough.com
- Zuniga, D. (2023, Jun 15). Canadian Business Growth Fund announces investment in FundThrough. Cassels.com
- Krause, C. (2023, Sep 14). LoanBuilder: A PayPal Service Review. Merchant Maverick
- FFN Staff (2023, Jan 6). NorthOne Becomes One of the First Fintechs to Introduce Real-Time Payments. Fintech Finance News
- NorthOne (2023, Jul 5). NorthOne Partners with Plaid to give Small Businesses more control over Cash Flow. PRWeb
- Visa, Inc. (2022, May 31). Visa Partners with Fundbox to Enable New Payment Capabilities for Small Businesses. Visa.com
- Enova International, Inc. (2023, Aug 30). Enova and OnDeck Announce Sponsorship of the US Chamber’s “America’s Top Small Business” Awards and Summit. PRNewswire
- Better Business Advice (2023, Aug 10). Lendio ERC Review 2023. Business Wire
- Sila Inc. (2023, Apr 27). Sila partners with Sivo on debt financing. Fin Extra
- Featured Image by Clay Banks
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