Bento for Business Introduces New Solutions, Partners, and APIs

US-based expense management solution provider Bento for Business has onboarded new partners and expanded its product line, reports Tanya Andreasyan of Banking Technology (Finovate’s sister publication).

Bento now offers debit and virtual cards for companies and their employees. Its banking solutions are now supported by The Bancorp Bank and CFSB as well as processors Marketa and 12C, the company said, “making it the most robust solution of its kind”.

It has also forged co-branded partnerships with The Brink’s Company and Fleetcor to offer its solution to their small business customers.

Furthermore, Bento has opened its APIs “to simplify how companies work with their clients and customers”.

“We are building a modern banking platform for small businesses that brings everything under one umbrella,” said Farhan Ahmad, CEO of Bento (pictured). “Our approach is unique in this industry because we see value in the platform, rather than a single stand-alone product. By offering multiple products on the same platform and allowing our customers to use our APIs to develop better, more useful, and customisable experiences, we can fully address all of their pain points.

“Soon any business owner will be able to curate and access the financial products, services, and integrations they need through Bento.”

According to Bento, applicants for its services get approved online in real-time.

Founded in 2014 and headquartered in San Francisco, Bento for Business demonstrated its platform at FinovateSpring 2015. Last month, the company appointed Jeff Pomeroy as Vice President of Product, and earlier this year, Bento added Lou Friedmann as Chief Revenue Officer. The company has raised more than $9 million in funding, and includes Comcast Ventures and Anthemis Group among its investors.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Bento For Business Unveils New Mobile App

BentoforBusiness_homepage_August2016

Bento for Business has released its new mobile app. The solution makes it easier for employees to review their business’s debit-card balances, tag and annotate expenses for simpler reporting and reconciliation, as well as attach receipts to individual transactions using the smartphone’s camera. Optimized for use with smartphone rather than tablets, the Bento mobile app is available for free on both iOS and Android.

“Employees rejoice! Bento’s mobile app is here,” Bento for Business wrote in tweeting the news this afternoon. “Check balances on-the-go. Smart #expense #management is here.”

BentoforBusiness_mobileapp_droid

Bento for Business specializes in providing solutions to help small business owners better manage expenses. With its Bento Prepaid MasterCard, the company offers employers a way to empower their employees to make necessary, work-related purchases while ensuring employers have maximum spending visibility and control. Bento also provides businesses with an analytic dashboard that provides a wholistic view of spending, as well as per-card information as to transaction type, location, employee, etc. “We want to work with banks, with service providers,” Bento for Business CEO Farhan Ahmad said during his Finovate demonstration in the spring of 2015, “to curate and build beautiful, simple—and most of all, useful—products that are built just for small businesses.”

Founded in 2014, the San Francisco-based company demonstrated its technology at FinovateSpring 2016. Bento for Business picked up a $7 million investment in a Series A round led by Comcast Ventures and featuring the participation of Anthemis Group, Blumberg Capita, and Lionbird. Individual investor Dan Henry, former NetSpend CEO, also participated. Read more about Bento for Business in our Finovate Debuts feature.

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Bento for Business Banks $7 Million in New Investment

bentoforbusiness_homepage_June2016

In a round led by Comcast Ventures, Bento for Business has raised $7 million in new funding. The Series A also featured the participation of existing investors from Anthemis Group, Blumberg Capital, and Lionbird, as well as new investor Dan Henry, former CEO of NetSpend. The investment takes Bento’s total capital to $9.5 million.

The company, which has seen 170% quarter-over-quarter growth since launching 13 months ago, says the funds will be used to add management talent, develop new features, and pave the way for expansion into new verticals. Dave Zilberman, managing director at Comcast Ventures, will join Bento’s board of directors as part of the deal.

Bento_stage_FS2015

Pictured (left to right): Bento for Business co-founders Farhan Ahmad, CEO, and Sean Anderson, CPO, demonstrated their technology at FinovateSpring 2015.

Bento for Business provides small businesses with solutions to help them manage expenses better. The company’s first offering was the Bento MasterCard, a prepaid card that employers can give to their employees to make qualified purchases.  Business owners can easily set usage rules for the card based on spending amount and spending category, as well as set spending time limits. Owners also can turn the cards on or off with a single click. Bento provides a dashboard that enables the commercial card owner to see which cards are being used and how, as well as track expenses by location, employee, and type.

“Banks want to service small businesses, but it’s been profitable not to,” Ahman explained during a conversation at FinovateSpring last year. “We want to work with banks, with service providers … to curate and build beautiful, simple and most of all useful products that are built just for small businesses,” he said. Read more about the company in our Finovate Debut feature.

Founded in 2014 and headquartered in San Francisco, California, Bento for Business demonstrated its platform at FinovateSpring 2015. The company was profiled by Newsfactor Business Report in its look at prepaid debit cards for businesses back in December, the same month Bankless Times featured the company and its employee-spending controls solution. PYMNTS.con also took a look at Bento last fall.

 

 

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