Benzinga | Aug 13, 2021 03:05PM EDT

U.S. Bancorp Acquires Fintech Bento Technologies

U.S. Bancorp (NYSE:USB) has announced its acquisition of the payment support and expense management fintech Bento Technologies. The financial terms of the acquisition were not disclosed.

What Happened: According to the Minneapolis-based U.S. Bancorp, the acquisition is designed to simplify cash flow and money management for small businesses.

Bento Technologies, known as Bento for Business, provides payment and expense management services for small and midsize businesses. U.S. Bancorp stated Bento's accounts payable-based software will complement its current Elavon and Talech accounts receivable software solutions.

"Our goal is to make money management easier for them so they can spend less time on administrative tasks, and more time on doing what they love -- serving their customers," said Tim Welsh, vice chairman of consumer and business banking at U.S. Bancorp.

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What Else Happened: The Bento transaction is the third acquisition of U.S. Bancorp announced this year.

In January, the company reported its purchase of the debt servicing and securities custody services client portfolio of MUFG Union Bank, consisting of approximately 600 client relationships and $320 billion in assets under custody and administration.

In July, it purchased PFM Asset Management LLC under its subsidiary, U.S. Bancorp Asset Management. PFM Asset Management will continue to operate as a separate entity, while the combined assets under management and administration by PFM Asset Management and U.S. Bancorp Asset Management total more than $325 billion.