Bench Raises $72.5 Million To Expand Beyond Accounting & Is Hiring

Vancouver’s Bench has raised a $72.5 million in Series C financing led by Contour Venture Partners. The raise more than doubles Bench’s total funding to over $120 million, and was supported by existing investors Altos Ventures, iNovia Capital, and BMO T&I, and new investors including Sage and Shopify.

The fundraise coincides with a major relaunch of Bench’s product offering.

Launching today, Bench now offers a first-of-its-kind integrated offering that includes banking, cards, payroll, full-service bookkeeping, taxes, and advice in a single streamlined software and service offering for small businesses.

Customers can now spend on their Bench cards and see real-time updates to their profitability and cashflow, which flow into the customer’s accounting and end-of-year tax filings.

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

Bench continues to be a leading employer in Canada, having rapidly scaled to over 650 employees, and aims to double the company’s product and technology teams before the end of 2021.