Bento for Business: setting the new standard for a modern business financial experience


06.28.2018

Andy
Newcomb

 

For years, small businesses have sought ways to streamline expenses and address the misuse of funds. When we were growing prepaid card company Ecount and later at Citi Prepaid, we consistently heard that the technology and functionality wasn’t there yet. Back then, smartphone use was in its infancy and API’s had just begun to emerge. The need was there, but a workable market solution was far off.

Years later, at MissionOG we met Bento for Business. Founders Farhan Ahmad and Sean Anderson and an incredible team architected an innovative spend management solution and created a modern-day small business-oriented banking platform. It’s a seamless solution that truly solves the core needs of small businesses.

Bento enables companies to simply control where, when, and what amount employees can spend, thereby significantly reducing unauthorized use. Through the process, they also eliminate the manual pain of spend management such as reconciliations with accounting systems and the completion of expense reports. Bento’s platform appeals to many different providers in the small business eco-system, as they offer an open API, virtual and debit cards, and white label capability for co-brand partners, banks, processors and payment networks.

To help Bento execute its vision, MissionOG has joined in a $9 million growth investment in the company, with participation from new investor Edison Partners and from existing investor Comcast Ventures. We are excited to work with the company to help Bento realize the promise of its platform. Farhan noted, “I’m really excited to have MissionOG as a partner. They’ve been in my shoes as operators and I believe Bento will benefit greatly from their operational experience and broad industry network.” Given MissionOG’s deep background and market perspective within this segment, we believe we can be truly accretive as partners to help drive growth.

The challenges Bento helps solve now are significant and a priority for small business owners. It is estimated that annual employee theft costs U.S. businesses $50 billion. It is also a primary reason one third of all U.S. businesses declare bankruptcy.

As a result of meeting real market demand, adoption of Bento’s growth has accelerated. In the last year, the company has tripled revenues, doubled its customer base, launched two significant products and added new distribution partners, all while garnering best-in-class Net Promotor Scores (NPS). Bento now serves thousands of customers nationwide. We are excited to watch as the company strives to significantly increase all of these metrics.