Fintech Small Business Lender Origination Volume Snapshot
It was full speed ahead in 2025. Here’s how the origination volume stats were trending among the biggest fintech small business lenders for the first nine months of last year.
| Lender | First Three Quarters 2025 | All of 2024 |
| Square Loans | $5 billion | $5.7 billion |
| BHG Financial | $4.4 billion | $3.7 billion |
| Enova | $4 billion | $3.98 billion |
| Shopify Capital | $2.8 billion | $3 billion |
| PayPal | $1.6 billion | $3 billion |
deBanked tracks fintech small business lenders that publicly report (or privately report to us) their origination volumes. Square Loans became the largest in 2021 and has held on to the top spot ever since. Their advantage (and limitation) is that they lend only to merchants in their POS payments ecosystem.
A dark horse not listed, because precise origination volumes are not available, is Parafin, an embedded lender that works through partnerships with DoorDash, Amazon, Walmart, TikTok and more. At last report, the company said it had made more than $14 billion in offers.
Last modified: January 16, 2026
