Bento for Business

FOUNDING YEAR: 2014
LOCATION: United States
Last Update: 03/09/2020

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive WhatsApp community where you can engage in discussions with global industry experts!

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.

MEDICI Analysis

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

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

Join the exclusive global FinTech community

Be a part of the global FinTech community on WhatsApp

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

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

SEED & PRIOR FUNDING

$2.5 M

SEED CLOSED ON

Feb 2015

SEED PRIOR FUNDING COMMENT

An undisclosed amount of fund were raised in June 2014.

FUNDING SERIES

SERIES A  · $7 M  · Jun 2016

SERIES B  · $9 M  · Jun 2018