The advancement of financial technology (Fintech) has introduced both opportunities and challenges for small and medium-sized enterprises (SMEs) in developing countries. There is a gap in adoption factors and situations faced by users that provide dynamics to the intention to continue using financial digitalization. This research examines key determinants of Fintech adoption by Indonesian SMEs by enhancing the Technology Acceptance Model (TAM) with three contextual factors: perceived risk (PR), perceived innovation (PI), and perceived financial health (PFH). A survey of 254 SME decision-makers was analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM). Results affirm that perceived usefulness (PU) and perceived ease of use (PEOU) significantly influence both attitudes (ATT) and intention to use (INT). PI and PU exert indirect effects via ATT, while PFH directly influences intention. Interestingly, PR shows a direct positive effect on adoption, indicating a shift in perceptions of digital risk. This extended model demonstrates strong explanatory power and provides strategic insights for Fintech adoption in resource-constrained environments. © 2025 IEEE.