Bench is Changing the Way We Support Small Businesses

At Bench, our mission is to make a profound difference in the quality of life of one million business owners. Today, we're excited to announce we've re-imagined Bench from the ground up to do just that.

We’re now offering a new lineup of products that provide a robust toolkit and support team to small business owners seeking more control over their finances.

Introducing Bench Core, Flex, and Pro. Each package combines small business experts and real human support with powerful, easy-to-use software. Business owners can now manage their bookkeeping, tax, advisory, and banking all in one simple, intuitive platform.

Boosted by new funding

We’re thrilled to share that the future of Bench just got a whole lot brighter. We’ve raised $60 million USD in Series C funding, which will allow us to continue reinforcing our product and service vision.

“This Series C round represents our largest raise to date and an indicator of the exciting momentum we have as a business. We are proud to serve as a fintech leader and Canadian company creating real impact for small businesses across North America,” says Ian Crosby, Bench CEO and co-founder.

The round was led by existing investor Contour Venture Partners and supported by other existing equity investors, including Inovia Capital and Altos Ventures. This funding round also included the participation of Shopify and Sage as new investors and debt financing from BMO Technology and Innovation Banking Group.

Humbled by our partners

The investment from Shopify—one of Canada’s leading corporate venture-capital funders and e-commerce giant serving more than 1.7 million merchants—is a sign of new times here at Bench. With their support, we’re newly energized to empower even more business owners with the financial tools they need to succeed.

In addition to the investor support from partners, we’re increasing our work with globally leading companies such as Stripe, Shopify and Freshbooks who align with our mission and whose scale will allow us to have a significant impact on our clients.

Looking ahead, we’re excited to continue our work with leaders in the small business space. Together, we’re providing more opportunities for business owners to scale strategically, efficiently, and with total peace of mind.

Bench V2 - announcement post - checking account screen with report

How our new products better serve small businesses

For many entrepreneurs, managing their business finances is a daunting, time-consuming task. With our latest products, Bench offers one centralized place to access bookkeeping, taxes, banking, and small business advice. We’re streamlining previously fractured processes, allowing business owners the peace of mind that comes with knowing they have a team of experts on their side.

We keep business finances running smoothly in the background so business owners can focus on doing what they do best—running their business.

All of our new packages include Bench’s signature monthly bookkeeping services, income statements, balance sheets, and a Year End Financial package. As always, our bookkeepers are reliable, easy to get a hold of, and ready to provide quick insights into a business’s financial position.

Tax preparation and filing now comes standard with Bench. This includes business federal and state income tax filings, tax returns, and advisory services. Plus, our tax support isn’t just once-a-year. Our team creates a custom tax plan for businesses and catches deductions throughout the entire year.

With consistent check-ins from our team and easy-to-schedule review calls, real human support is always just a click away. When complex questions arise, our tax advisors and Client Research Team are on hand year-round for planning and CPA-certified advice—at no extra cost.

Bench V2 - announcement post - monthly bookkeeping chat with report

Wondering how all this year-round support works? Let us walk you through it.

Bench Core

Bench Core is for entrepreneurs who want an all-in-one business and banking solution. This package—in partnership with LendingClub, the recipient of Bankrate’s Best Online Bank of 2020 Award—includes a no-monthly fee business bank account and debit card for best-in-class business banking.

When you bank with Bench, your transactions and behind-the-scenes bookkeeping seamlessly combine to create one real-time picture in the Bench platform—no more waiting two weeks after months’ end to find out where your money is going.

Bench Flex

Bench Flex is perfect for businesses with existing bank accounts and service providers. The Flex plan offers all the benefits of Bench’s signature services, plus additional customized accounting and the ability to connect existing banking, payroll, and payment processors.

Bench Pro

If your business has more complex accounting needs, such as multi-business owners or multi-location owners looking for accounting broken down by location, Bench Pro has you covered.

We’re excited to bring Bench’s new products to market to support small business owners with all their financial needs, all at a disruptively low price.

Our new flat pricing model means your rates stay the same, even as your business grows. That means no surprises or unexpected costs at tax time. We’ll take care of your finances for one simple, straightforward monthly fee. Learn more.

What’s next?

There’s no signs of slowing down at Bench HQ. For the many new Benchmates who have recently joined us, the work is just beginning.

Bench is scaling up our teams with high-quality talent who share our stand for diversity, equity, and inclusion. Our growth plans include doubling our product and technology teams as we continue our relentless pursuit of an improved Bench experience for our customers.

We’re excited for the next chapter at Bench. We hope you are too.

This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Bench assumes no liability for actions taken in reliance upon the information contained herein.

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