Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

FinTech Startup Bento for Business Closes $7M Series A Financing Round Led by Comcast Ventures

share with twitter share with LinkedIn share with facebook
06/09/2016 | 12:51pm EDT

SAN FRANCISCO, June 9, 2016 /PRNewswire/ -- Bento for Business, a leading provider of employee expense management solutions for small businesses, today announced a $7 million Series A round of funding led by Comcast Ventures. Existing investors include Anthemis Group, Blumberg Capital and LionBird. As part of the financing, Dave Zilberman, managing director of Comcast Ventures, will join Bento's board.

Bento for Business provides a management platform and smart employee corporate card that can be controlled remotely through proprietary software, giving business owners unprecedented control over where, when and how much their employees can spend. Since its launch 13 months ago, Bento has grown 170 percent quarter over quarter, while garnering a high Net Promoter Score (NPS). The company will use this investment to add key management roles, strengthen customer support, develop new features and fuel expansion into new verticals.

"Today's small businesses demand more control and visibility over expenses, something legacy payment solutions fail to provide," said Farhan Ahmad, CEO and founder of Bento for Business. "Banks have long ignored the unique financial needs of small businesses. Bento's vision is to bring the same simplicity, functionality and ease of use we offer to other critical financial services that small businesses need."

According to a 2014 Association of Certified Fraud Examiners (ACFE) fraud report, $3.7 trillion is lost each year and one third of all SMB bankruptcies occur due to employee theft, fraud and misuse. Small businesses suffer most due to the lack of sophisticated spend control tools used by most large enterprises.

"Bento is solving a significant unmet need in the market with its debit card and SaaS management platform for small and medium businesses," said Dave Zilberman, managing director of Comcast Ventures. "I'm excited to join the board and support this superb team helping SMB owners have better visibility into their finances."

To learn more about Bento, please visit www.bentoforbusiness.com.

About Bento for Business:
Bento for Business is the first comprehensive expense management platform built just for Small and Medium Businesses. Bento issues smart employee corporate cards that can be controlled remotely through proprietary software. It is extremely simple to use and offers powerful features like customizable card spend controls, 2-way alerts, and receipt capture that were thus far only available to large enterprises. For distributed workforces and most small businesses with employees on the road, Bento is a must have efficiency and spend control tool. Bento was co-founded in 2014 by Farhan Ahmad, former Managing Director at Barclays, and Global Head of Emerging Payments at Discover Card, and Sean Anderson, former Senior Director of Emerging Products at Blackhawk Network. Bento is based in San Francisco and is backed by leading venture capitalists and industry veterans. Learn more at www.bentoforbusiness.com.

MEDIA CONTACT
Angela Pontarolo
Comcast Ventures
415-858-2586
angela_pontarolo@comcast.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fintech-startup-bento-for-business-closes-7m-series-a-financing-round-led-by-comcast-ventures-300282232.html

SOURCE Bento for Business


© PRNewswire 2016
share with twitter share with LinkedIn share with facebook
Latest news "Companies"
12:44pCDISC : Names Dr. Maria Im Hee Shin Chair of Korea CDISC : Coordinating Committee
BU
12:43pWeekley Homes Announces Acceptance Of Tendered 6.000% Senior Notes Due 2023 And 6.625% Senior Notes Due 2025
PR
12:43pORACLE : Chinese State Media Signal Beijing's Disdain for 'Dirty and Unfair' TikTok Deal
DJ
12:41pORSTED A/S : PSE&G's $1 bln New Jersey energy efficiency plan approved
RE
12:41pEXCLUSIVE : How a marked-up term sheet and messy rollout threw TikTok deal into disarray
RE
12:40pNAM TAI PROPERTY : Sets the Record Straight
PR
12:39pPSE&G : Gains Approval for Landmark Clean Energy Future-Energy Efficiency Program
PR
12:38pVIVENDI : Italy regulator refers decision on Vivendi's stake in Mediaset to administrative court
RE
12:38pEY Announces Fadi Cheikha of USAG as an Entrepreneur Of The Year® 2020 Pacific Southwest-Orange County Award Finalist
BU
Latest news "Companies"