I’ve been at Bench for two months now and couldn’t be more excited to be on the team. I thought I’d share some of the key reasons why I decided to join the company and feel confident I made the right call. Whether you’re interested in Bench or another opportunity, I encourage you to consider the below criteria as part of your decision “scorecard”:
1. Bench’s mission is inspiring and gives you the ability to make a positive impact on the world
We’re making entrepreneurship more accessible for the millions of aspiring entrepreneurs who started their business to follow their passion, not to become accounting or finance experts. We have the opportunity to make a profound difference in their lives, and by extension their customers, by taking the stress and complexity of accounting and bookkeeping off their plate.
2. We’re addressing the needs of a very large TAM (total addressable market)
The scale of this opportunity is quite significant. There are over 30 million small businesses in the US alone and roughly 400 million worldwide. Entrepreneurs are the backbone of economies around the world.
Bench is currently focused on making a difference in the US market, where entrepreneurship is stronger than ever with new business formations at an all-time high for over a decade (see data from the US Census Bureau below).
3. Bench has built a competitive moat and continues to affirm its market dominance
Bench has developed a unique technology platform with powerful automation algorithms for the last 10 years that allows us to perform bookkeeping at an unmatched scale and accuracy. We continuously challenge the expectations of what a FinTech company can be for small businesses. As a result, we’ve become the largest player in our space, by far, with about 12,000 customers and a high NPS (net promoter score) that is on par with Apple, Netflix and Amazon.
Entrepreneurs love Bench because we’re able to provide great service with a human touch while still making it affordable even for sole proprietorships, which represent the vast majority of the market. With the rapid rise of vertical SaaS we’re investing to extend Bench’s core services to partnering platforms; we’ll meet entrepreneurs on whichever platform they choose to use for managing their business finances.
And, we’re just getting started! We’ve only captured 0.04% of the US market so far. Lots of growth opportunities ahead.
4. We’re backed by world-class investors
Bench has raised over $100 million in funding to-date from renowned investors such as Bain Capital, Inovia Capital, Altos Ventures, Contour Ventures, Bank of Montreal, Sage, and Shopify. Those investors have operational experience, broad networks and track records of supporting tech companies as they scale towards an IPO.
Our latest round of funding (Series C) was led by our existing investors, who are doubling down on the growth of our business. We’ve raised $60M to further invest in scale and partner integrations like the ones we already have with Shopify, Stripe, Gusto, and Square which are indicative of the trend towards a more centralized, tailored, and streamlined financial experience for small businesses.
5. Saving the best for last, our team and company culture are truly world-class
While most people in the tech industry want to work for a “rocketship,” the journey along the way to success is also as important. Like it or not, we spend more time with our colleagues than our family, so it’s best to be in an environment where you feel like you belong and enjoy yourself. Life is too short, as they say.
Bench has over 700 employees affectionately known as Benchmates. In my first couple months at the company, I’ve enjoyed meeting and collaborating with super smart individuals who are passionate about making a difference in the lives of entrepreneurs. I’m grateful for the warm welcome that was extended and the energy level that gets you going every morning. What a great place to start or grow your career!
The culture is strongly imbued with distinctive, powerful principles, created organically by Benchmates across the business. For example, as a company we trust our employees with information and manage by transparency. We share information freely and openly, and we ensure that everyone can understand and use that information. No piece of data or information belongs to one person or team. If you don’t have access to something—ask for it.
Let us enrich ourselves with our mutual differences.
My high school motto was the above quote from French philosopher Paul Valéry. This way of thinking is part of who I am and why I appreciate Bench’s real commitment to DEI (diversity, equity and inclusion). Did you know that 58% of our employees are women or genderqueer? That’s very rare and a testament to our investments into people and diversity over the years. In fact, we have a staff of eleven dedicated to employee experience and DEI. In just my short two months, I’ve been able to witness forward-thinking initiatives and participate in a number of enriching programs that the DEI team has led, ranging from a grounding session with the First Nations Tech Council to a live Black History Month fireside chat with two of our very own Benchmates.
As a result, our employee NPS is really high: 89%. Bench walks the talk.
See for yourself by reading our company culture manifesto.
I hope you found this post helpful as you consider your next role. We’re hiring across the board. Whether you’re looking to work for a company that’s making a profound difference in the lives of small business owners, accelerate your learning and growth potential, or work for one of the most human-centered tech companies, we’d love to have you on the team!