- 1Square Loans led the group at $5B through the first three quarters of 2025.
- 2BHG Financial reached $4.4B, already above its $3.7B for all of 2024.
- 3PayPal reached $1.6B versus $3B in 2024.
The biggest fintech small business lenders were on a strong pace in 2025. Reported origination volume for the first three quarters of the year, compared with each lender's full-year 2024 total:
- Square Loans: $5 billion, versus $5.7 billion in 2024.
- BHG Financial: $4.4 billion, versus $3.7 billion.
- Enova: $4 billion, versus $3.98 billion.
- Shopify Capital: $2.8 billion, versus $3 billion.
- PayPal: $1.6 billion, versus $3 billion.
Reading the numbers
BHG and Enova had already matched or passed their 2024 totals after nine months. PayPal's nine-month figure was a little over half of what it wrote in all of 2024.
Square Loans became the largest lender on the list in 2021 and has kept the top spot since. Its advantage, and its limitation, is that it lends only to merchants inside its point-of-sale payments ecosystem.
The list covers fintech small business lenders that report their origination volumes publicly or share them privately, as part of an ongoing set of small business finance rankings.
A lender not on the list
Parafin is missing because precise origination volumes are not available. It is an embedded lender that works through partnerships with DoorDash, Amazon, Walmart, TikTok and others. At its last report, the company said it had made more than $14 billion in offers.
Source reporting: deBanked.
