US Bank is to acquire Chicago-based debit card-based spend management firm Bento Technologies for an undisclosed amount.
The acquisition is part of US Bank's ambition to bring payments and banking services together to simplify cash flow and money management for small businesses.
Bento’s accounts payable-based software complements the bank’s existing Elavon and talech accounts receivable software, providing clients with a one-stop financial operating platform for both their accounts payable and accounts receivable needs.
Shailesh Kotwal, vice chair of payment services at US Bank, says expense management tools from Bento Technologies will blend well with the other services US Bank offers businesses, from credit, deposit and card accounts, to modern and secure payment acceptance and digital money movement.
“Our focus is to provide customers with digital capabilities they need to manage their finances from anywhere, while also retaining the visibility and control that are important to managing cash flow efficiently,” he says. “Pair that with the banking products and the global footprint of US Bank, and it’s clear to see a great opportunity for our customers."
The transaction is expected to close in September.