The transaction is expected to close in September
US Bank has entered into an agreement to acquire Bento Technologies, a fintech company based in Chicago and San Francisco that provides payment and expense management services to SMBs.
Although, the financial details of the transaction were not disclosed.
The Bento platform offers businesses tools to better manage card-based payments and other expenses via spend tracking and card transaction controls.
The acquisition is part of the vision at US Bank to bring payments and banking services together to simplify cash flow and money management for small businesses.
According to the press release, Bento’s accounts payable-based software complements the bank’s existing Elavon and talech accounts receivable software solutions.
Tim Welsh, vice chair of Consumer and Business Banking at US Bank
The expense management tools from Bento Technologies will blend well with the other services US Bank offers businesses, from credit, deposit and card accounts, to modern and secure payment acceptance and digital money movement.
We’ve reported that COVID-19 accelerated the digital shift in Poland’s card payment market.