Bento for Business

b2b fintech

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

Farhan Ahmad

Sean Anderson

BOARD MEMBERS AND ADVISORS

Farhan Ahmad

Sean Anderson

David Zilberman

Michael Kopelman

Deanna Oppenheimer

Raymond Stern

Don Kingsborough

Isaac Applbaum

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Anthemis Group

Blumberg Capital

Comcast Ventures

Edison Partners

Lionbird

MissionOG

Moderne Ventures

Pivot Investment Partners

Plug and Play Tech Center

Constance Freedman

Dan Henry

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

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%

Innovation Programs

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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:

Anthemis Group

Blumberg Capital

Comcast Ventures

Edison Partners

Lionbird

MissionOG

Moderne Ventures

Pivot Investment Partners

Plug and Play Tech Center

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