Financial management platform Bento for Business has closed a $9m investment round led by Edison Partners.
Capital was also supplied by the company’s existing backer Comcast Ventures and new investor MissionOG.
Bento is a cloud-based digital spend management platform that helps small to midsized businesses control employee spending at the point-of-sale, before purchasing. The solution is designed to help businesses to cut out unauthorised expenses.
It also offers an open API, virtual and debit cards, and white label capability for co-brand partners, banks, processors and payment networks. US-based Bento is able to set individual spend limits to certain cards, access spending data and analytics, automated bookkeeping and accounting.
Last year, the company tripled its revenues, doubled its customer base, launched two new services and added new distribution partners.
This investment will be used to support talent expansion in its marketing and engineering teams. Capital will also be used to grow its payments, spend management and business banking solutions.
Bento for Business CEO and founder Farhan Ahmad said, “Time and again, research says that poorly managed business spend is the single largest threat to the profits of small and midsize businesses in the U.S.
“We solve this problem and bring our customers an intelligent financial management solution that stops unauthorized spending before it happens. We’re excited to bring new products to market that continue to set the standard for modern business banking and treasury management,”
Edison Partners recently generated a 10-times return through the sale of payment cycle management solution provider Billtrust.
The firm sold the company to New York-based private equity firm W Capital Partners, however, additional financial details of the sale were not disclosed. Edison was the first institutional investor in Billtrust when it handed the company $4m in October 2006.
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