Bench Accounting Shuts Down Abruptly After Raising $113 Million, Thousands of Businesses Affected

Dec 27, 2024, 09:12 PM

Bench Accounting, a Vancouver-based fintech company founded in 2012, has abruptly shut down, resulting in the potential loss of approximately 600 jobs and leaving thousands of businesses without access to their accounting and tax documents. The company had raised $113 million in venture capital, including a $60 million Series C round in 2021 with investors such as Shopify, BMO, and Bain Capital Ventures. Customers are expressing frustration over data access issues and the sudden closure just days before year-end, impacting year-end compliance and financial reporting. Other accounting firms are offering assistance to affected businesses to help them transition and close out their year-end finances.