As technology upgrades become more and more important for banks post-pandemic, US Bank and Congressional Bank have become the latest to enter partnerships with fintech firms.
US Bank has agreed to buy Bento Technologies, also known as Bento for Business, for an undisclosed fee.
The deal is expected to complete next month and is the latest move by US Bank to bring payments and banking services together to simplify cash flow and money management for small businesses.
The bank said Bento’s accounts payable-based software complements its existing Elavon and talech software offerings, which are designed to give customers a streamlined way of processing small business accounts.
Bento for Business provides payment and expense management services to small and mid-sized businesses through what US Bank described as “simple and easy-to-use tools” to manage card-based payments and other expenses via spend tracking and card transaction controls.
Shailesh Kotwal, vice chair of payment services at US Bank, said: “Our focus is to provide customers with the digital capability they need to manage their finances from anywhere, while also retaining the visibility and control that are important to managing cash flow efficiently.
“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.”
Elsewhere, Congressional Bank has extended its partnership with Funding Circle to provide more capital to small businesses across the US.
Congressional plans to significantly expand its purchase of loans though Funding Circle’s platform.
Adam Hoehn, executive vice president of technology-enabled lending for Congressional Bank, said: “We have been dedicated to helping small business owners obtain essential funding throughout the pandemic through our partnership with Funding Circle and our participation in the Paycheck Protection Program where we funded over 2,600 loans to small businesses.
“The partnership is an important part of our efforts to support more small businesses and aligns well with our focus on positively impacting the communities we serve.”
Funding Circle US managing director Vipul Chhabra added: “The success of American small businesses plays an important role in creating jobs and supporting economic recovery, which drives our commitment to providing efficient, innovative funding solutions and working with partners that help extend our community reach.”
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