Vancouver’s Bench has raised a $72.5 million in Series C financing led by Contour Venture Partners.
The funding round more than doubles Bench’s total funding to over $120 million, and was supported by existing investors Altos Ventures, iNovia Capital, and BMO T&I, and new investors including Sage and Shopify.
The fundraise 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.
“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.”
“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.”
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.