US Bank has agreed to acquire Bento Technologies, a fintech that offers payment-related services to small and mid-size businesses, for an undisclosed amount.
Also known as Bento for Business, the platform offers simple and easy-to-use tools to enable businesses better manage card-based payments and other expenses.
The acquisition forms part of US Bank’s plan to combine payments and banking services to simplify cash flow and money management for small businesses.
The transaction is expected to close in September this year.
US Bank consumer and business banking vice-chair Tim Welsh said: “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. This is why Bento Technologies is a great fit for US Bank.”
US Bank payment services vice-chair Shailesh Kotwal said: “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.
“Pair that with the banking products and the global footprint of US Bank, and it’s clear to see a great opportunity for our customers.”
Bento’s accounts payable-based software complements the bank’s existing Elavon and talech accounts receivable software solutions.
Also, the software is said to offer US Bank clients a holistic one-stop experience for both their accounts payable and accounts receivable needs.
The expense management tools from Bento Technologies will complement US Bank’s other services offered to businesses.
The services include credit, deposit and card accounts, along with modern and secure payment acceptance and digital money movement.
Bento Technologies founder Farhan Ahmad said: “Small businesses are the lifeblood of our economy. In 2014, Bento pioneered the concept of smart corporate cards and automated spend management for small businesses.
“We are now very excited to join US 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.”
