Bench centralizes finance for little businesses with to start with-of-its kind, built-in banking products and solutions
Bench, America’s largest bookkeeping company for small businesses, declared today that it raised $60 million USD in Sequence C financing led by Contour Enterprise Associates. The raise additional than doubles Bench’s overall funding to around $100M, and was supported by current investors Altos Ventures, iNovia Cash, and BMO T&I, and new investors which includes Sage and Shopify.
The fundraise coincides with a big relaunch of Bench’s products providing. Launching currently, Bench now offers a initially-of-its-type integrated offering that involves banking, playing cards, payroll, comprehensive-support bookkeeping, taxes, and guidance in a one streamlined application and assistance featuring for modest corporations. Clients can now shell out on their Bench playing cards and see genuine-time updates to their profitability and cashflow, which circulation into the customer’s accounting and conclude-of-year tax filings.
“We’re right here to make a profound variance in the high-quality of existence of just one million enterprise homeowners. We’ve re-imagined Bench from the floor up to do that, and our new funding will make it possible for us to go on reinforcing our item and provider vision,” mentioned Ian Crosby, the CEO and co-founder of Bench. “Entrepreneurs require to concentrate on their business and their aspiration. We enable them do that, by finding their finances less than regulate and out of the way. And significantly, we’re doing work with other globally top corporations to make this a reality.”
“At Shopify, we are generally searching for methods to make it much easier for business people to begin and run their enterprises,” explained Bram Sugarman, Director of Corporate Growth and Strategic Initiatives with Shopify. “That is why we’re thrilled to take part in Bench’s latest spherical of funding, which will enable them offer specialist bookkeeping to even much more business owners so that they can target on escalating and serving their clients.”
“The Bench+Freshbooks practical experience is so powerful for our prospects, that when we connect Bench to a purchaser, we notice churn lessen by 80%,” explained Mark Girvan, Main Industrial Officer of Freshbooks. “We’re so psyched to collaborate with Bench to create a far better economic long term for compact companies across the US and empower small business homeowners with the economic instruments they need to thrive.”
“Bench is the ideal accounting associate for our SMB customers,” stated Lexi Reese, COO at Gusto. “Their product of building program that is easy to use and combining it with large levels of assistance is specifically what SMBs want to be effective.”
In line with the company’s mission to make a profound difference in the excellent of lifetime of just one million people today, Bench’s new products will offer you a strong fiscal toolkit to small business enterprise owners across the United States. Bench Main involves a absolutely free enterprise lender account and debit card – in partnership with LendingClub and Stripe – for buyers in need to have of a banking answer, though Bench Flex is tailored to assist these with present lender accounts and service vendors. Equally Main and Flex contain Bench’s signature bookkeeping, tax preparation, tax submitting and tax advisory expert services, supplying a in depth economic overview on a single straightforward-to-accessibility platform. These solutions do away with the difficulties that many businesses experience in making sure consistency, accumulating facts and juggling various relationships with banking institutions, bookkeepers, accountants and a lot more. Bench Core and Bench Flex are initial of their sort choices that offer you compelling time and income savings for smaller business. Bench Main and Bench Flex are each priced with monetary accessibility at the forefront. Bench Main is offered to shoppers for $249 for each thirty day period and Bench Flex is $349 for each month.
This launch, along with Bench’s integration with Shopify, Stripe, Freshbooks, Sage, LendingClub, and Gusto, are indicative of the pattern to a extra centralized, personalized and streamlined money encounter for small business.
“We have been doing the job closely with Bench considering the fact that 2012, and have been consistently impressed by their relentless concentrate in strengthening the Bench system on behalf of their modest business enterprise consumers,” mentioned Matt Gorin, Taking care of Partner and co-founder at Contour Enterprise Partners. “The blend of a in depth still classy platform and unparalleled services sent at a disruptive value place helps make Bench a highly persuasive remedy for tiny firms across all industries. We are enthusiastic for the next chapter in the company’s journey.”
“Bench is a best illustration of Canada’s loaded pool of tech champions, delivering unbelievable fintech solutions whilst setting up greatest in class work alternatives,” stated Shawn Abbott, co-Founder at Inovia Capital. “We’re thrilled to support Bench in the company’s newest fundraise to further bolster the company’s solution choices.”
Bench carries on to be a main employer in Canada, possessing rapidly scaled to over 650 staff members, and aims to double the company’s products and engineering groups prior to the close of 2021.
For much more information and facts, stop by bench.co.
Bench is a 9-year-outdated fintech business that runs the finances for business people so they can emphasis on their enterprises. Pairing its intuitive computer software and monetary merchandise with a devoted accounting team, Bench brings together the convenience and effectiveness of present day know-how with the expertise and time-personal savings afforded by a qualified services. Bench was co-established by Forbes 30 beneath 30 winner Ian Crosby. Bench has lifted about $100 million in funding to day, products and services more than 11,000 organization house owners and employs 650 people today and rising. It is primarily based in Vancouver, Canada. Follow @Bench or take a look at https://bench.co/
View source variation on businesswire.com: https://www.businesswire.com/information/home/20210603005032/en/
Kelsi Tsatouhas, PR Manager