CHICAGO--(BUSINESS WIRE)--Bento for Business, a provider of financial management solutions for small and midsize businesses, today announced a $9.0 million investment led by Edison Partners. Existing investor Comcast Ventures and new investor MissionOG participated in the round.
The new investment follows the rapid success of Bento. In the last year, Bento has tripled revenues, doubled its customer base, launched two significant products and added new distribution partners, all while garnering best-in-class Net Promotor Scores (NPS). Bento will use the growth capital to scale talent in marketing and engineering and extend its platform across payments, spend management and business banking.
“Time and again, research says that poorly managed business spend is the single largest threat to the profits of small and midsize businesses in the U.S. We solve this problem and bring our customers an intelligent financial management solution that stops unauthorized spending before it happens. We’re excited to bring new products to market that continue to set the standard for modern business banking and treasury management,” says Farhan Ahmad, CEO and founder of Bento for Business.
Where legacy providers rely on complicated expense reconciliation and reimbursement processes that happen after a purchase has been made, Bento’s card-based digital spend management platform enables businesses to control where, when and how much employees spend at the point of sale—prior to purchase—to prevent unauthorized expenses and bring direct benefit to their bottom lines. Additionally, with smart workflow solutions like receipt uploads and automatic sync with accounting software like QuickBooks, Bento eliminates the need for time-consuming expense reports. Compared to small business credit cards, Bento saves its customers substantially more money and time.
“As the saying goes, employers love their employees, they just don’t trust them. There is massive latent demand among employers to seize full control over every dollar they spend, and stop non-authorized employee spending before profit-killing purchases can happen,” said Michael Kopelman, General Partner for Edison Partners, who led the investment. “We’re thrilled to partner with Farhan and team to continue to solve this problem, and create an end-to-end treasury management and banking experience that modern business deserves.”
“Bento’s performance and trajectory continue to impress. They’ve found a better way for small and midsize businesses to mind their spending and manage their cash. I’m excited to increase our investment in the business to support their fast growth,” said David Zilberman, managing director of Comcast Ventures.
Bento’s platform also offers an open API, virtual and debit cards, and white label capability for co-brand partners, banks, processors and payment networks. The company recently added new partnerships with global cash management & logistics provider The Brink’s Company, global payments processor i2c and payment-card issuer The Bancorp Bank. Bento was also recognized as Startup of the Year by Pay Awards.
To learn more about Bento, please visit www.bentoforbusiness.com
About Bento for Business
Bento is setting the new standard for a modern business financial experience. With its card-based digital spend management product, Bento enables small and midsize businesses to proactively control employee spending at the point of sale, prior to purchase. With its open API, virtual and physical cards, and white label capabilities, the Bento platform also helps co-brand partners, banks, processors and payment networks to provide a modular, fully customized treasury management and business banking suite for their customers. Based in Chicago and San Francisco, Bento is led by veteran financial service executives and backed by leading financial technology investors. For more information, visit bentforbusiness.com, Twitter and LinkedIn.