Minneapolis-(Business wire)-US Bank has signed an agreement to acquire Bento Technologies, known as Bento for Business, a fintech company based in Chicago and San Francisco that provides payment and expense management services to small businesses. The innovative Bento platform provides businesses with simple, easy-to-use tools to better manage card-based payments and other expenses through spending tracking and card transaction management.
The acquisition is part of US Bank’s vision of integrating payments and banking services to simplify SME cash flow and cash management. Bento’s accounts payable-based software complements the bank’s existing Elavon and talech accounts receivable software solutions, providing USBank clients with a comprehensive one-stop experience that addresses both accounts payable and accounts receivable needs.
“Business owners work hard every day to turn their passions into business. Tim Welsh, Vice President of Consumer and Business Banking at US Bank, said:“ This is what Bento Technologies says at US Bank. That’s the perfect reason. ”
Shailesh Kotwal, Vice President of Payment Services at US Bank, said: “When we combine it with our banking products and US Bank’s global footprint, it’s clear that we have great opportunities for our customers.”
Bento Technologies’ cost management tools blend well with the other services USBank offers to your business, from credit, deposits and card accounts to accepting the latest secure payments and transferring digital money.
Farhan Ahmad, founder of Bento Technologies, said: Since then, we have provided our customers with millions of dollars. We are delighted to be part of USBank to accelerate our vision of creating a one-stop financial management platform to support SMEs serving communities across the country. ”
The purchase agreement was signed on August 11, 2021 and the transaction is expected to close in September. The financial details of the transaction have not been disclosed.
About US Bank
With approximately 70,000 employees and $ 559 billion in assets as of June 30, 2021, US Bancorp is the parent company of the US Bank National Association. Based in Minneapolis, the company serves millions of customers locally, domestically and globally through a diverse mix of consumer and business banking businesses. Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment 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 one of Fortune’s most admired super-regional banks. increase. For more information usbank.com/about..