Failed Fintech Startup Bench Accumulates Over $65 Million in Debt Amid Bankruptcy
Bench, a fintech accounting startup, has revealed it filed for bankruptcy in Canada on January 7, 2025, with liabilities exceeding $65 million. The company, which raised $113 million since its founding in 2012, had only $2.8 million in cash at the time of filing. Most of its debt, $50 million, is owed to the National Bank of Canada, with over 85% being unsecured. The filings also disclose significant obligations to VC investors and former employees, totaling millions in severance and unpaid rent. Bench is currently undergoing acquisition by Employer.com amidst these financial challenges.
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