US Bancorp to Acquire Fintech Firm Bento Technologies
US Bancorp, an American bank holding company based in Minneapolis, recently announced that it has entered into an agreement to acquire Bento Technologies, the US-based financial technology platform.
According to the official press release, the latest acquisition announcement is part of the company’s vision to bring payments and banking services together to simplify cash flow and money management for small businesses.
US Bancorp has more than 70,000 employees and approximately $560 billion in assets. The financial services provider is currently serving millions of customers in local and international markets. The company offers a wide range of services including Consumer and Business Banking, Payment Services, Corporate & Commercial Banking, and Wealth Management and Investment Services.
Commenting on the acquisition announcement, Tim Welsh, Vice-Chairman of Consumer and Business Banking at US Bank, said: “Business owners work hard every day to turn their passion into a business. Our goal is to make money management easier for them so they can spend less time on administrative tasks, and more time on doing what they love, serving their customers. This is why Bento Technologies is a great fit for U.S. Bank.”
The financial details of the mentioned transaction were not disclosed. The bank outlined that the transaction is expected to close in September.
Bento Technologies facilitates small and medium-size businesses through payment and expense management services. In the latest announcement, US Bank highlighted that Bento’s expense management tools will blend well with the services of US Bank.
“Small businesses are the lifeblood of our economy. In 2014, Bento pioneered the concept of smart corporate cards and automated spend management for small businesses. I’m proud to say that we have saved our customers millions of dollars since then. We are now very excited to join U.S. Bank in order to accelerate our vision of creating a one-stop financial operating platform to help small businesses that serve communities across the country,” Farhan Ahmad, Founder of Bento Technologies, commented.
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