San Francisco and Chicago — October 14, 2021 — Bento Technologies, a leading expense management platform designed to simplify and consolidate complex financial services for the SMB segment, and an Espresso Capital portfolio company, has been acquired by U.S. Bank. The acquisition, which closed on August 31, will help U.S. Bank — the fifth largest banking institution in the United States — bring payments and banking services together to simplify cash flow and money management for small businesses.
“We’re thrilled for the Bento team and pleased to have been able to help them achieve such a fantastic outcome,” says Espresso Capital Director, Mark Gilbert. “The capital we provided helped fuel the company’s tremendous growth. Their size, combined with the impressive fintech platform they’ve built, made them a great strategic fit for U.S. Bank. Congratulations to everyone involved in this amazing achievement.”
Earlier this year, Espresso extended a $6 million credit facility to Bento for Business. The facility allowed the company to make strategic enhancements to its platform while scaling the organization.
“Partnering with Espresso helped position us for this extraordinary exit,” says Guido Schulz, the former CEO of Bento for Business, who is now an Executive Advisor at U.S. Bank. “They structured a great deal for us that allowed us to grow our business and negotiate our way to a very successful outcome. We couldn’t be happier.”
The acquisition is set to close in September. Bento’s other existing investors include Edison Partners, Blumberg Capital, and Comcast Ventures.
About Bento for Business
Bento for Business is dedicated to modernizing the way small and mid-size businesses manage and unlock value from their working capital. Bento is the partner of choice for businesses that want a modular financial operating platform for their cash flow and spend management needs. Bento’s strategic partners also expand to the banks, payment networks and processors that want to provide digital treasury management and business banking suite options for their customers. Co-located in Chicago and San Francisco, Bento is an award-winning SMB fintech solution led by veteran financial service executives and backed by leading financial technology investors. For additional information, visit Bento for Business, Twitter and LinkedIn.
About Espresso Capital
Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 300 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at espressocapital.com.