US Bank acquires SME expenses firm Bento Technologies
US Bank is set to acquire Chicagoan technology vendor Bento Technologies in an undisclosed deal.
Bento Technologies, also known as Bento for Business, provides payment and expense management for small and medium-sized enterprises (SMEs).
US Bank says the deal is part of its “vision” for bringing payments and banking services together to “simplify cash flow and money management” for SME customers.
It says Bento’s accounts payable-based software complements the bank’s existing Elavon and Talech accounts receivable software solutions.
“Our goal is to make money management easier for [SMEs] so they can spend less time on administrative tasks,” says Tim Welsh, vice chair of consumer and business banking at US Bank. “This is why Bento Technologies is a great fit.”
Both companies signed the purchase agreement at the start of the month, with the transaction expected to close in September.
“Small businesses are the lifeblood of our economy,” says 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.”
US Bank is a subsidiary of US Bancorp, the fifth-largest banking institution in the US. Bancorp has acquired and developed a handful of technology offshoots.
These include credit card processor Elavon, supply chain network Syncada, and point of sale firm Talech.