Middle-Market Companies Grapple With Outdated Financial Infrastructure and Cash Flow Challenges

PYMNTS Intelligence and payments technology provider i2c define the “emerging middle market” as companies with annual revenue of $10 million to $50 million, as well as those currently generating $1 million to $10 million and expecting to surpass $50 million within five years. These companies are rapidly hiring and expanding into new markets, yet still rely on spreadsheets, legacy accounting tools and fragmented payment systems. That makes it difficult to track cash positions and credit availability in real time, potentially delaying investments and new business.

The report, published on April 8, was based on a survey of 1,011 U.S. companies conducted from February 10 to 26, 2026. A follow-up analysis on April 22 found that 46% of high-growth companies frequently miss opportunities because credit is too slow or inflexible. The latest discussion on April 29 showed that 53% of respondents expect to cross the $50 million revenue threshold between 2029 and 2031. Among the fastest-growing companies, 91% are confident they will meet their five-year target, but fewer than one-third have implemented an ERP system.