Bento Technologies, a Chicago startup that helps companies manage employee expenses, is getting scooped up by U.S. Bank.
Minneapolis-based U.S. Bank, which has a major office in downtown Miwlaukee and is the region's market share leader for total local deposits, announced Thursday it has agreed to acquire Bento, also known as Bento for Business, for an undisclosed amount.
The startup has built a card-based digital spend management product for small- and medium-sized businesses that helps prevent unauthorized purchases by controlling spending prior to a transaction. Its pre-loaded card makes it easy for companies to control spending between their staff and contractors and better track expenses.
Bento raised more than $18 million since it launched in 2013, including a $9 million round in 2018 that included backing from Edison Partners, Comcast Ventures and MissionOG. The startup has co-headquarters in Chicago and San Francisco.
U.S. Bank (NYSE: USB) said it will use Bento to help simplify money management for its small-business clients, allowing them to spend less time on expense reports. It will be included among a suite of financial service products U.S. Bank offers clients, the company said.
The deal is expected to close in September.
