Bench closes Series C to support relaunch

Bookkeeping platform for small businesses Bench has closed its Series C funding round on $60m to support its product relaunch.

Contour Venture Partners acted as the lead backer, with commitments also coming from Altos Ventures, iNovia Capital, BMO T&I, Sage and Shopify.

This investment comes in tandem with the relaunch of Bench’s platform, which boasts an integrated offering of banking, cards, payroll, bookkeeping, taxes and advice. Small businesses can use the Bench cards to make payments and monitor real-time updates of profitability and cashflow.

As part of the product relaunch, its new product will supply clients in the US with a financial toolkit to support their finances. The Bench Core system includes a free business bank account and debit card in partnership with LendingClub and Stripe.

Bench CEO and co-founder Ian Crosby said, “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.

“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.”

The funding round brings the company’s total funding to more than $100m.

The FinTech company, which currently has more than 650 employees, is hoping to double the size of its product and technology teams before the end of the year.

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