Bento for Business raises $9m funding
In a round led by Edison Partners and featuring participation from current investor Comcast Ventures and new investor MissionOG, Bento for Business has raised $9 million in funding, reports David Penn at Finovate.
The financial management solutions provider will use the capital to bolster its marketing and engineering efforts with new hires, and to expand the Bento for Business 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 US,” Bento for Business founder and CEO Farhan Ahmad explains.
The funding nearly doubles Bento for Business’ total capital to $18.5 million.
Bento for Business provides SME owners with a card-based digital spending management solution that enables employers to prevent unauthorised expenditures by controlling when, where, and how much their employees spend at the point of sale.
The platform stops unapproved business spend before the purchase, saving time and money on returns and cancellations. The technology also has features like receipt upload and the ability to automatically sync Bento with accounting systems like Quickbooks to reduce the need for expense reports.
The company’s solutions include expense cards, API virtual cards, and ghost cards. Bento’s tiered levels of service range from a free programme that supports up to two cards to its enterprise level offering with unlimited cards for $149 a month. Bento does not charge a setup fee and all paid programmes (team, professional, and enterprise) come with free, 60-day trials.
The firm is headquartered in San Francisco.