Bench Raises $60 Million USD Sequence C and Expands Beyond Accounting with Launch of Bench Banking
Bench centralizes finance for compact companies with initially-of-its kind, integrated banking solutions
Bench, America’s largest bookkeeping provider for compact organizations, introduced currently that it raised $60 million USD in Collection C financing led by Contour Venture Partners. The increase additional than doubles Bench’s full funding to around $100M, and was supported by existing investors Altos Ventures, iNovia Cash, and BMO T&I, and new investors including Sage and Shopify.
The fundraise coincides with a key relaunch of Bench’s product presenting. Launching today, Bench now gives a first-of-its-kind built-in providing that contains banking, cards, payroll, full-service bookkeeping, taxes, and guidance in a solitary streamlined software and provider offering for compact corporations. Buyers can now devote on their Bench cards and see authentic-time updates to their profitability and cashflow, which move into the customer’s accounting and close-of-yr tax filings.
“We’re here to make a profound big difference in the excellent of life of one million business enterprise entrepreneurs. We have re-imagined Bench from the ground up to do that, and our new funding will enable us to carry on reinforcing our product or service and services eyesight,” reported Ian Crosby, the CEO and co-founder of Bench. “Entrepreneurs need to have to concentration on their business enterprise and their desire. We permit them do that, by getting their finances under regulate and out of the way. And significantly, we’re functioning with other globally foremost firms to make this a truth.”
“At Shopify, we’re often wanting for techniques to make it easier for entrepreneurs to start and run their companies,” stated Bram Sugarman, Director of Corporate Improvement and Strategic Initiatives with Shopify. “That is why we’re thrilled to participate in Bench’s modern round of funding, which will help them supply experienced bookkeeping to even more business people so that they can focus on increasing and serving their customers.”
“The Bench+Freshbooks working experience is so impressive for our clients, that when we attach Bench to a customer, we notice churn lessen by 80%,” mentioned Mark Girvan, Chief Industrial Officer of Freshbooks. “We’re so psyched to collaborate with Bench to establish a greater money potential for tiny companies across the US and empower small business owners with the monetary resources they need to triumph.”
“Bench is the ideal accounting lover for our SMB consumers,” explained Lexi Reese, COO at Gusto. “Their model of making software that is simple to use and combining it with large ranges of provider is precisely what SMBs have to have to be successful.”
In line with the company’s mission to make a profound difference in the good quality of life of a single million people today, Bench’s new solution will supply a robust monetary toolkit to tiny company entrepreneurs across the United States. Bench Core includes a cost-free business enterprise financial institution account and debit card – in partnership with LendingClub and Stripe – for buyers in want of a banking alternative, whilst Bench Flex is personalized to assist those with existing bank accounts and service vendors. Both equally Main and Flex involve Bench’s signature bookkeeping, tax preparation, tax submitting and tax advisory providers, delivering a in depth financial overview on one particular effortless-to-accessibility platform. These goods do away with the difficulties that lots of firms face in making certain consistency, collecting information and juggling various relationships with banking institutions, bookkeepers, accountants and far more. Bench Main and Bench Flex are 1st of their kind offerings that offer powerful time and cash financial savings for tiny small business. Bench Core and Bench Flex are both of those priced with fiscal accessibility at the forefront. Bench Main is readily available to customers for $249 for every month 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 development in direction of a additional centralized, personalized and streamlined fiscal knowledge for business.
“We have been doing work closely with Bench considering the fact that 2012, and have been regularly impressed by their relentless concentrate in increasing the Bench system on behalf of their modest company buyers,” explained Matt Gorin, Handling Lover and co-founder at Contour Undertaking Partners. “The blend of a comprehensive still stylish platform and unparalleled services shipped at a disruptive rate stage tends to make Bench a very powerful answer for tiny corporations across all industries. We are thrilled for the next chapter in the company’s journey.”
“Bench is a excellent illustration of Canada’s loaded pool of tech champions, delivering extraordinary fintech remedies whilst developing best in course employment prospects,” reported Shawn Abbott, co-Founder at Inovia Funds. “We’re thrilled to assist Bench in the company’s most current fundraise to more bolster the company’s product offerings.”
Bench carries on to be a main employer in Canada, obtaining swiftly scaled to above 650 staff, and aims to double the company’s merchandise and technologies teams before the stop of 2021.
For a lot more data, visit bench.co.
About Bench
Bench is a nine-year-previous fintech organization that operates the funds for business owners so they can target on their companies. Pairing its intuitive application and economic items with a dedicated accounting group, Bench combines the benefit and performance of modern day technological innovation with the expertise and time-financial savings afforded by a qualified services. Bench was co-founded by Forbes 30 below 30 winner Ian Crosby. Bench has lifted around $100 million in funding to day, companies more than 11,000 organization owners and employs 650 people today and growing. It is primarily based in Vancouver, Canada. Comply with @Bench or pay a visit to https://bench.co/
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