Bento will use the funds to accelerate sales and marketing, and continue product innovation of its payments, spend management and business banking platform, Edison said.
“Today’s business banking is failing small- and mid-sized companies. There is a massive long tail market that would prefer to not give their employees a commercial credit line, petty cash and per diems, nor deal with the challenges of non-approved purchases ex post,” said Michael Kopelman, general partner at Edison Partners. “Bento is creating a new, modular treasury management and banking suite for these businesses.”
Kopelman led the investment, Edison said.
“We’re impressed by Bento’s growth orientation and discipline for building rock-solid products that deliver bottom-line customer benefit,” said Kelly Ford, partner at Edison Partners. “Bento’s customer uptake and financial momentum has been striking.”
According to Edison, in the last year, Bento has tripled its revenues and doubled its customer base.
“Edison Partners will help us accelerate our go-to-market initiatives and advance the development of our technology platform and category-leading products,” said Farhan Ahmad, co-founder and CEO of Bento. “We’re excited by today’s investment, but even more so by Edison’s fintech expertise and operating know-how for the next chapter in our business.”