U.S. Bank to Acquire Small Business Payments Software Company, Bento Technologies
12 Agosto 2021 - 05:00PM
Business Wire
Continues expansion of world-class digital
capabilities for small businesses
U.S. Bank has entered into an agreement to acquire Bento
Technologies, known as Bento for Business, a fintech company based
in Chicago and San Francisco that provides payment and expense
management services to small and mid-size businesses. The
innovative Bento platform offers businesses simple and easy-to-use
tools to better manage card-based payments and other expenses via
spend tracking and card transaction controls.
The acquisition is part of the vision at U.S. Bank to bring
payments and banking services together to simplify cash flow and
money management for small businesses. Bento’s accounts
payable-based software complements the bank’s existing Elavon and
talech accounts receivable software solutions, providing U.S. Bank
clients a holistic one-stop experience for both their accounts
payable and accounts receivable needs.
“Business owners work hard every day to turn their passion into
a business. Our goal is to make money management easier for them so
they can spend less time on administrative tasks, and more time on
doing what they love – serving their customers,” said Tim Welsh,
vice chair of Consumer and Business Banking at U.S. Bank. “This is
why Bento Technologies is a great fit for U.S. Bank.”
“Our focus is to provide customers with digital capabilities
they need to manage their finances from anywhere, while also
retaining the visibility and control that are important to managing
cash flow efficiently,” said Shailesh Kotwal, vice chair of Payment
Services at U.S. Bank. “Pair that with the banking products and the
global footprint of U.S. Bank, and it’s clear to see a great
opportunity for our customers."
The expense management tools from Bento Technologies will blend
well with the other services U.S. Bank offers businesses, from
credit, deposit and card accounts, to modern and secure payment
acceptance and digital money movement.
"Small businesses are the lifeblood of our economy,” said Farhan
Ahmad, founder of Bento Technologies. “In 2014, Bento pioneered the
concept of smart corporate cards and automated spend management for
small businesses. I'm proud to say that we have saved our customers
millions of dollars since then. We are now very excited to join
U.S. Bank in order to accelerate our vision of creating a one-stop
financial operating platform to help small businesses that serve
communities across the country."
The purchase agreement was signed on Aug. 11, 2021 and the
transaction is expected to close in September. Financial details of
the transaction were not disclosed.
About U.S. Bank
U.S. Bancorp, with nearly 70,000 employees and $559 billion in
assets as of June 30, 2021, is the parent company of U.S. Bank
National Association. The Minneapolis-based company serves millions
of customers locally, nationally and globally through a diversified
mix of businesses: Consumer and Business Banking; Payment Services;
Corporate & Commercial Banking; and Wealth Management and
Investment Services. The company has been recognized for its
approach to digital innovation, social responsibility, and customer
service, including being named one of the 2021 World’s Most Ethical
Companies and Fortune’s most admired superregional bank. Learn more
at usbank.com/about.
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version on businesswire.com: https://www.businesswire.com/news/home/20210812005586/en/
Evan Lapiska, U.S. Bank Public Affairs & Communications
evan.lapiska@usbank.com | 724-816-0624
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