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Vancouver's Bench Accounting Shuts Down Abruptly, Leaving Clients Without Access Before Year-End

Dec 27, 2024, 08:14 PM

Bench Accounting, a Vancouver-based fintech company founded in 2011, has abruptly shut down effective immediately, leaving many startups, e-commerce brands, and small businesses without accounting services just days before the end of the year. The company, which had been in business for 13 years and had raised over $113 million in venture capital—including a $60 million Series C round in 2021 from investors such as Bain Capital Ventures, Altos Ventures, Shopify, and BMO—has discontinued services without prior notice to customers or employees. Customers are expressing frustration as they are unable to access their financial statements, with some having been recently charged significant amounts before the shutdown. Employees have reportedly been laid off without warning. The company had an enterprise value of $232 million in 2021, which has now plummeted to zero. In 2021, the founder and CEO was replaced by the board, a move that some attribute to the company's downfall. The sudden shutdown has left many businesses scrambling to find alternative accounting solutions for year-end compliance.