Bento for Business
FOUNDING YEAR: 2014
LOCATION: United States
Last Update: 19/01/2021
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About
Bento offers the most complete B2B payments solution for small and mid-size businesses.Bentos financial operating platform enables businesses to issue physical and virtual payment credentials to people and systems without introducing risk while providing companies unprecedented control and visibility over their B2B expenses and company spend. Open APIs, and White Label partnerships extend these control and management benefits to automate payments well beyond expenses alone.Our mission is to provide businesses with a powerful financial operating platform so they can further their vision, empower their employees and create value for their customers.
MEDICI Analysis
Bento offers smart employee expense MasterCards that can be controlled remotely. Through simple-to-use controls, Bento helps prevent employee theft, fraud, and misuse while also removing the burden for employees to have to file expense reports and get reimbursed.
Focus
PRODUCTS & SERVICES
Prepaid debit products and employee expense cards Bento provide real-time control over employee spending to control business expenses by setting employee budgets on employee expense cards and utility cards
REVENUE MODEL
Interchange from card usage and tiered monthly SaaS fees based on number of employees
MAIN CLIENTS
Federal Deposit Insurance Corporation
Accerdited Business
Mastercard
Digicert Ev Secure
PCI
PRIMARY PROBLEM SOLVED
We save our customers 10-25% of their annual budgets through our cost management products as well as 2-5 hours each week of accounting and bookkeeping work.
COMMENT
Bento provide purchase protection and also offer zero liability for the owner, as well as car renter’s insurance and ID theft protection.
Traction
VALUATION / MARKET CAP:
$16.67 M in 2015
COMPANY TYPE:
For Profit
People
FOUNDERS
Sean Anderson
BOARD MEMBERS AND ADVISORS
Sean Anderson
David Zilberman
Michael Kopelman
Deanna Oppenheimer
Raymond Stern
Don Kingsborough
Isaac Applbaum
NUMBER OF EMPLOYEES
11-50
INVESTORS:
Momentum
FUNDED
YES
NUMBER OF FUNDING ROUNDS
3
TOTAL FUNDING
$18.5 M
DATE OF LAST FUNDING
Jun 2018
IPO STATUS
Private
TOTAL FUNDING COMMENT
The company will use the fund to boost its already impressive growth by scaling talent in marketing and engineering, as well as extending its platform across payments, spend management and business banking. (June 2018)
ESTIMETED REVENUE RANGE
Less than $1M
SEED & PRIOR FUNDING
$2.5 M
SEED CLOSED ON
Feb 2015
FUNDING SERIES
SERIES A · $7 M · Jun 2016
SERIES B · $9 M · Jun 2018
LISTED
NO
company provided insights
Web Traffic
MONTHLY VISITS
79,159
AVERAGE VISITS (6 MONTHS)
69,886.06
MONTHLY VISITS GROWTH
-9.87%
VISIT DURATION
234
VISIT DURATION GROWTH
-41.83%
PAGE VIEWS VISIT
5.4
PAGE VIEWS VISIT GROWTH
-28.67%
BOUNCE RATE
24.52%
BOUNCE RATE GROWTH
-0.61%
GLOBAL TRAFFIC RANK
304,112
MONTHLY RANK CHANGE
-14,192
MONTHLY RANK GROWTH
-4.46%
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Bento for Business
About
Bento offers smart employee expense prepaid and debit cards that can be controlled remotely. Through simple-to-use controls, Bento helps prevent employee theft, fraud, and misuse while also removing the burden for employees to have to file expense reports and get reimbursed.
Focus
PRODUCTS & SERVICES
Bento currently offers a comprehensive expense management solution including: - physical Visa/MC debit cards for employees or for specific functions (e.g. Marketing) - instant-issued virtual cards - receipt capture with notes and tags that eliminate the need for expense reports - a dashboard that monitors real-time cash flow and alerts admins on unusual activities - an unmatched set of card controls including daily, weekly, monthly spend limits, on/off button, category and time controls, etc. - automatic or manual sync with Quickbooks and other accounting systems All Bento functions can be accessed through our easy to use web product, iOS and Android mobile apps, and through our open APIs. Bento also works with other large companies to launch turn-key white label programs. We can customize and launch a fully branded and managed white label program in a matter of weeks.
REVENUE MODEL
Interchange from card usage and tiered monthly SaaS fees based on number of employees
TOP PROBLEM SOLVED
We save our customers 10-25% of their annual budgets through our cost management products as well as 2-5 hours each week of accounting and bookkeeping work.
PRODUCT DEVELOPMENT STAGE
V2.0 or BEYOND
KEY DIFFERENTIATORS
Unmatched controls Physical and virtual cards Web, Mobile, and API access 24/7 human chat/phone support Debit, prepaid, and credit options Multi Processor and Bank capability Industry leading NPS Industry-best alerting system Leading integration with Quickbooks
PRIMARY CUSTOMER TYPE
Enterprise - Banks or Financial Institutions
Enterprise - Retailers
Enterprise - Others
Small and Medium Business - Physical Retail
Small and Medium Business - Online Retail
Small And Medium Business - Other
PRODUCT ATTRIBUTES
SaaS
White label
Back Office
Customer facing
STRATEGIC CLIENTS AND PARTNERSHIP
The Bancorp Bank : Issuing bank - debit
i2c Inc. : Processor
Community Federal Savings Bank : Issuing bank - prepaid
Brinks : White label partner
Cast & Crew : White label partner
Traction
LIVE USERS/TRANSACTIONS:
Yes, in live production
CHANNEL STATUS
MULTIPLE CHANNELS
People
NUMBER OF EMPLOYEES
11-50
TEAM COMMENT:
We are an incredibly diverse team that operates extremely well together. Our culture is transparent,familial,we truly believe that while great tech is our foundation, our people are our key differentiators. We have 2 offices located centrally in San Francisco (SoMa),Chicago (Loop) with awesome perks,a great environment
BOARD MEMBERS AND ADVISORS:
Don Kingsborough, Raymond Stern, Deanna Oppenheimer, Isaac Applbaum
INVESTORS:
Momentum
FUNDED
YES
TOTAL FUNDING:
$18.5 M
LISTED
NO
FUNDING SERIES
Series B
Jun 2018
USD9 M
Comment on Series B
Primarily to accelerate growth and roll out new products
Edison Partners
Comcast Ventures
Blumberg Capital
Lionbird
MissionOG