Vancouver’s Bench has raised $73 million in a Series C financing round led by Contour Venture Partners, supported by existing investors Altos Ventures, iNovia Capital, and BMO T&I, and including new investors including Sage and Shopify.
The raise more than doubles Bench’s total funding to over $120 million and coincides with a major relaunch of Bench’s product offering.
Launching today, Bench now offers a first-of-its-kind integrated offering that includes banking, cards, payroll, full-service bookkeeping, taxes, and advice in a single streamlined software and service offering for small businesses.
Customers can now spend on their Bench cards and see real-time updates to their profitability and cashflow, which flow into the customer’s accounting and end-of-year tax filings.
“At Shopify, we’re always looking for ways to make it easier for entrepreneurs to start and run their businesses,” said Bram Sugarman, Director of Corporate Development and Strategic Initiatives with Shopify.
“That’s why we’re thrilled to participate in Bench’s recent round of funding, which will help them provide professional bookkeeping to even more entrepreneurs so that they can focus on growing and serving their customers.”
“We’re here to make a profound difference in the quality of life of one million business owners. We’ve re-imagined Bench from the ground up to do that, and our new funding will allow us to continue reinforcing our product and service vision,” said Ian Crosby, the CEO and co-founder of Bench.
“Entrepreneurs need to focus on their business and their dream. We let them do that, by getting their finances under control and out of the way. And increasingly, we’re working with other globally leading companies to make this a reality.”
In line with the company’s mission to make a profound difference in the quality of life of one million people, Bench’s new product will offer a robust financial toolkit to small business owners across the United States.
Bench Core includes a free business bank account and debit card – in partnership with LendingClub and Stripe – for customers in need of a banking solution, while Bench Flex is tailored to support those with existing bank accounts and service providers.
Both Core and Flex include Bench’s signature bookkeeping, tax preparation, tax filing and tax advisory services, providing a comprehensive financial overview on one easy-to-access platform. Bench Core is available to customers for $249 per month and Bench Flex is $349 per month.
This launch, along with Bench’s integration with Shopify, Stripe, Freshbooks, Sage, LendingClub, and Gusto, are indicative of the trend towards a more centralized, tailored and streamlined financial experience for business.
Bench continues to be a leading employer in Canada, having rapidly scaled to over 650 employees, and aims to double the company’s product and technology teams before the end of 2021.