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Home » Failed fintech startup Bench has accumulated more than $65 million in debt, documents reveal
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Failed fintech startup Bench has accumulated more than $65 million in debt, documents reveal

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Bench, the accounting startup that imploded during the holidaysfiled for bankruptcy in Canada on January 7, revealing massive debts, according to documents seen by TechCrunch.

Deposits – one for the bench and another for 10 sheetsthe original name of Bench – show that Bench had $2.8 million in cash at the end of its life, but $65.4 million in liabilities. (TechCrunch converted bankruptcy filing data from Canadian dollars to US dollars at a rate of US$1 to CA$1.44.) Founded in 2012, Bench had raised $113 million from investors including Shopify and Bain Capital Ventures.

Most of Bench’s debt – $50 million – is owed to the National Bank of Canada, one of Canada’s largest commercial banks. More than 85% of that debt is unsecured, meaning the bank has little collateral to claim on the loan now that Bench has defaulted. This debt may have helped cause the sudden closure of Bench: technology publication Reported newcomer that NBC refused to make concessions to Bench while it was being sold. NBC did not immediately respond to a request for comment.

The bankruptcy filings also reveal financial obligations to Bench’s venture capitalists, split between convertible notes (which are intended to be converted into stock) and direct loans to shareholders. Bench owes $1.3 million to Bain Capital Ventures, whose partner Sarah Hinkfuss was named to Bench’s board in 2023, according to a press release. Bench still owes $1.2 million to Canadian venture capitalist Inovia Capital, including executive-in-residence Adam Schlesinger was appointed as Bench’s latest CEO, filings show. Contour Venture Partners, a New York-based VC who led Bench’s $60 million Series C round is owed about $750,000. California-based Altos Ventures, another investor, owes $777,000. All of these venture debts are unsecured, the filings show.

Bench’s other debts include $1.8 million in severance payments paid to former employees, according to the documents. TechCrunch previously reported that Bench staff were suddenly laid off on December 27 without notice or severance pay. (Bench’s new owner, Employer.com, says he rehired a large number of employeesbut told TechCrunch that they were temporarily on 30-day contracts while Bench sorted out its problems.)

Bench also owes tens of thousands of dollars in severance payments to former executives: CEO Jean-Philippe Durrios, CRO Todd Daum and CFO Mor Lakritz are all listed in the documents. Lakritz LinkedIn indicates that Bench had approximately $50 million in annual recurring revenue.

Finally, bankruptcy records show that Bench owes $4 million in unpaid rent to Canadian real estate agency Morguard, likely for his office. At its peak, Bench employed more than 600 people. Beyond money owed to employees, offices and about $1.5 million (based on our back-of-the-envelope calculations) due to a scattering of expected creditors, like software vendors SaaS company, the filings don’t show how the rest of the money was spent. spent.

As Bench goes through bankruptcy, it is also in the process of currently being acquired by San Francisco-based HR technology company Employer.com. Although its customers also told TechCrunch that Employer.com asks them to hand over their data to the employer, under penalty of losing it.

Gary Levin, head of corporate development for Employer.com, told TechCrunch that the Canadian court is overseeing Bench’s insolvency proceedings and will oversee the distribution of proceeds to creditors. He emphasized that Employer.com has a strong balance sheet that allows it to invest significantly in Bench in the future.

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