The US bank has agreed to buy FinTech company Bento Technologies, according to a company announcement Thursday, August 12. The acquisition aims to expand the bank’s digital capabilities for small business clients.
Known as Bento for Business, the 8-year-old Chicago and San Francisco-based company provides small and medium-sized businesses (SMBs) with debit card payment and expense management tools. Bento customers transfer funds from their bank account to a Bento account, with the money accessible through a Visa debit card, according to the company’s website.
The deal is expected to be finalized in September. Financial details regarding the acquisition were not provided.
US Bank said the acquisition was part of its overall goal to combine payments and banking services to streamline cash flow and money management for its small business clients. Together, Bento’s accounts payable software, together with the bank’s Elavon and talech accounts receivable software, will provide the bank’s customers with a unified experience for all of their billing needs.
The integration of the two software technologies follows Bento’s introduction of AutoMatch, a technological advancement that uses artificial intelligence to connect the receipt image of a mobile device to the corresponding transaction, PYMNTS previously reported. Advance allows customers to send receipts when offline and send digital receipts from an email address registered by Bento to a defined email account to automatically link the receipt to the correct one. transaction.
Read more: Bento Deploys B2B Spend Management Upgrades
Prior to this addition, Bento launched its Bento Pay Solution in August 2019 to allow business owners to make payments with a simple email address.
See more: Bento Launches B2B Email Invoices
With respect to the acquisition of US Bank, Bento’s expense management software will complement the products that US Bank offers to professional clients. Together, companies will continue to drive modern and secure digital payment acceptance and spending, the U.S. bank said in the announcement.
“Our goal is to provide clients with the digital capabilities they need to manage their finances from anywhere, while maintaining the visibility and control that are important to effectively manage cash flow,” said Shailesh Kotwal, vice president of payment services for the American Bank.