MINNEAPOLIS – (COMMERCIAL THREAD) – US Bank has entered into an agreement to acquire Bento Technologies, known as Bento for Business, a Chicago and San Francisco-based financial technology company that provides payment and expense management services to small and medium-sized businesses companies. The innovative Bento platform provides businesses with simple, easy-to-use tools to better manage card payments and other expenses through expense tracking and card transaction controls.
The acquisition is part of US Bank’s vision to bring together payments and banking services 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 US Bank clients with a holistic one-stop-shop experience for their accounts payable and accounts receivable needs.
“Business owners work hard every day to turn their passion into business. Our goal is to make it easier for them to manage their money so they can spend less time on paperwork and more time doing what they love: serving customers, ”said Tim Welsh, vice president of services. personal and business banking at US Bank. “This is why Bento Technologies is a perfect fit for the US bank. ”
“Our goal is to provide clients with the digital capabilities they need to manage their finances from anywhere, while maintaining the visibility and control that are important to effectively manage cash flow,” said Shailesh Kotwal, vice president of payment services at US Bank. “Couple that with banking products and US Bank’s global footprint, and it’s clear that we see a great opportunity for our clients.”
Bento Technologies’ expense management tools will blend well with other business services offered by US Bank, from credit, deposit and card accounts, to modern and secure payment acceptance and money movement. digital.
“Small businesses are the lifeblood of our economy,” said Farhan Ahmad, founder of Bento Technologies. “In 2014, Bento introduced the concept of smart business cards and automated expense management for small businesses. I am proud to say that we have saved our customers millions of dollars since then. We are now very excited to join US Bank in accelerating our vision of creating a one-stop financial exploitation platform to help small businesses serving communities across the country.
The purchase contract was signed on August 11, 2021 and the transaction is expected to close in September. Financial details of the transaction were not disclosed.
About the American Bank
US Bancorp, with nearly 70,000 employees and $ 559 billion in assets as of June 30, 2021, is the parent company of the US Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diverse mix of activities: personal and business banking; Payment services; Banking services for businesses and businesses; and Wealth and Investment Management Services. The company has been recognized for its approach to digital innovation, social responsibility and customer service, including being named one of the world’s most ethical companies in 2021 and Fortune’s most admired super-regional bank. Learn more at usbank.com/about.
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