Canadian company Bench raises $23 million and expands across Canada

Feb 1 2018, 4:49 am

Fintech company Bench, headquartered in Vancouver, has raised $23 million CAD in its latest round of funding – and is expanding across Canada.

Bench is backed by iNovia Capital, who led the Series B-1 round, with participation from existing investors Bain Capital Ventures, Altos Ventures, and Silicon Valley Bank.

As part of the investment, Shawn Abbott, serial entrepreneur and Partner with iNovia Capital, has joined Bench’s board of directors.

“This new capital will facilitate a Canadian launch and accelerate the development of Bench’s cognitive augmentation platform,” said Abbott in a release.

“[It is] a key element of the company’s ability to deliver incredibly high-quality yet cost-effective bookkeeping services.”

Bench, founded in 2016 by Forbes 30-Under-30 winner Ian Crosby, provides online accounting services for small businesses. Since launching in the US, the company has crunched $19 billion in funds for thousands of US business owners in 345 industries.

It is now the largest bookkeeping service in North America, BC’s fastest growing tech company, and the fourth fastest growing company in Canada.

And as of today, Bench will be available across Canada, with the exception of Quebec, targeting 1.14 million small businesses.

“Opening our doors at home to serve Canada’s small businesses was always the goal, but it was important to me that we perfect our service offering in our first market, the United States, before pursuing a second,” said Crosby, Co-Founder and CEO.

“I see an enormous opportunity to make things better for Canadian small business owners and couldn’t be more thrilled to bring our learnings and our product home.”

Bench will be offering services including annual GST/HST and PST filing preparation, and foreign currency account reconciliation to all its customers.

Also available will be a monthly Profit & Loss and Balance Sheet, a year-end Sales Tax Report, and a year-end-financial package.

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