Guide to Establishing Your Startup’s Financial Tech Stack

financial tech stack

Accomplished tech companies often share a common trait: a considered approach to building a robust financial technology stack. In this article, we will delve into the process of how we assess fintech tools for our client’s financial back-office needs along some favourites that we use.

Criteria for Financial Technology Stack when Selecting Fintech Apps

In the software evaluation process, we look for the following:

  1. Relevance to client niche: We prioritise software solutions tailored to early-stage, venture-backed tech startups, as those designed for freelancers or large enterprises may not align here.

  2. User-Friendliness: While complex ERP systems have their place, the preference is for software that can be easily operated by both us and the client. We anticipate that our clients may eventually outgrow our services and go in-house, making it essential for them to seamlessly transition to self-operated software.

  3. Best-in-Class User Experience: The concern extends beyond the user interface to encompass integrations and customer support. Regardless of a software’s functionality, issues can arise and require swift and efficient support to minimise downtime.

  4. Cost Considerations: Given most startups do not yet possess enterprise-level funding for their finance stack.

  5. Scalability: Ideally software that can support your operations for several years, reducing the burden of frequent transitions and associated costs.

  6. Company Viability: As startups can be less sticky than others – we look for assurance that the software’s parent company has the stability and longevity to endure for years to come.

With these criteria in mind, here are our the recommended software solutions.

Selecting Bank Accounts 

  • AirWallex – In addition to offering a straightforward, free, and user-friendly transaction account, AirWallex provides additional features like corporate cards and bill payment capabilities.

  • Traditional Banks – Examples include CBA and NAB. While these banks may not specialize in serving startups, they excel in various other aspects. Additionally, they provide in-person banking services & feature a readily available call centre, which could be crucial for some individuals.

Accounting General Ledger Options 

  • Xero – Xero has the best utility and a fantastic UX/UI, which appeals to most accountants & founders. It is also the preferred choice in Australia.

  • Quickbooks Online (QBO) – Probably the most popular software in the US and some parts of Europe.

  • Netsuite – Although less commonly encountered, Netsuite becomes a viable option when a company outgrows Xero. However, it’s important to note that these solutions are considerably more intricate and expensive.

Spend Management Choices 

  • Weel, Paytron, and Expensify – While not identical, these options participate in a relatively recent sector known as “startup spend management platforms.” Each of these platforms provides a range of products, including accounts payable, employee reimbursements, and corporate cards, making them all favourable choices.

  • Paytron – Perhaps the best accounts payable tool in the market.

  • Hudled – Very useful for managing SaaS expenditures.

Invoicing and Payment Processing Options 

  • Stripe – Within the realm of startup payment processing, Stripe stands out as the top choice. It is the preferred payment collection method among SaaS startup clients due to its dominance in the industry, particularly for credit card payments.

  • Xero – For businesses dealing with larger clients and invoices, especially if they do not accept credit cards, Xero is recommended for its efficient invoicing capabilities. It offers a seamless solution, allowing users to consolidate their financial software tools and minimize complexity.

Payroll Solutions 

  • Deel – the Deel EoR platform (Employer of Record) is the preferred choice for companies with international employees. This selection is based on the exceptional technology it offers and the reliability of its customer support.

  • Gusto – Most US clients with US payroll use Gusto for their payroll needs.

Cap Table Management Solutions 

  • Carta – Carta transformed cap table management. Before Carta, legal consultation was typically required for these tasks, but now many aspects can be handled without the need for extensive legal fees.

  • Cake Equity – Cake represents a newer, more streamlined, and cost-effective alternative to Carta in the realm of cap table management & ESOPs

Startup Business Insurance Solutions 

  • BizCover – Addressing one of the most frustrating aspects of acquiring and renewing business insurance, BizCover has streamlined the process, eliminating the tedious paperwork and repetitive annual questionnaires.

US Sales Tax Solutions 

  • Avalara – A trusted giant in this field, Avalara is a recognized leader, offering a wide range of software solutions that address virtually every conceivable US sales tax requirement.

Other Technology Considerations for Building the Financial Tech Stack

The following two recommendations may not neatly fit into the main categories, but they are valued partners with notable contributions:

  • VirtualAddress– Providing a virtual mailbox service, VirtualAddress has proven to be a reliable choice, though other alternatives haven’t been explored extensively.

Currently, there aren’t any definitive guidelines or robust suggestions in place for incorporating artificial intelligence (AI) into fintech solutions. Nevertheless, Fullstack is actively engaged in the exploration and utilisation of AI technology within its operations. 

For expert assistance in your accounting and finance department, don’t hesitate to contact Fullstack. We’re here to empower your business growth and help you unlock your full potential.

Was this article helpful?

Stuart Reynolds is the founder of Fullstack Advisory, an award-winning accounting firm for businesses leading the future. He is a 3rd generation accountant who specialises in tech & online companies.

Share this Article

Find out more.

Need accounting

Request a consultation and speak to one of our business accountants & advisors. Get clear next steps for your project.

Connect with us

Ask Us a Question?

Reach out to us about any of the topics in this article.


Speak to our experts

Other ways to get in touch with us.

Your Privacy


We will never share your details with any third-party.

This form collects your name contact number and email address so that we can contact with you and provide a quote for our services. Please check our Privacy policy to see how we protect and manage your submitted data.



Suite 63, 388 George St, Sydney NSW 2000



120 Spencer St Melbourne VIC 3000



310 Edward St Brisbane QLD 4000