We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
U.S. Bancorp (USB) Grows Digital Payment Ability, Buys Bento
Read MoreHide Full Article
In efforts to scale digital capabilities for small businesses, U.S. Bancorp’s (USB - Free Report) primary subsidiary, U.S. Bank, recently entered an agreement to acquire fintech company Bento Technologies. The transaction is anticipated to close in September.
Bento Technologies or Bento for Business is a payment software company, offering payment and expense-management services to small and mid-sized businesses. It enables businesses to efficiently manage card-based payments and other expenses through spend tracking, and card transaction innovative tools and controls.
Expense management tools from Bento will integrate well with the other U.S. Bank services like credit, deposit and card accounts, thereby, revamping secure payment acceptance and further advancing the digital money movement.
Hence, augmenting Bento’s accounts payable-based software with U.S. Bank’s existing Elavon and talech accounts receivable software solutions is a strategic fit. This will enable it to offer customers comprehensive payments and banking services, allowing streamlining cash flow and money management matters.
Per U.S. Bank management “our goal is to make money management easier for them so they can spend less time on administrative tasks, and more time on doing what they love – serving their customers.”
The acquisition is in line with the U.S. Bancorp’s ongoing investments in innovative product enhancements, services and people. Such efforts have strengthened the company’s balance sheet and fee-based businesses, beside increasing market share.
In July, U.S. Bank inked a deal to acquire PFM Asset Management LLC to strengthen its asset management arm.PFM Asset Management caters to a wide spectrum of client relationships and product offerings, including outsourced chief investment officer services, local government investment pools and separately managed accounts in both fixed income and multi-asset class strategies.
Per U.S. Bancorp Asset Management head, Eric Thole, these services accomplish U.S. Bank’s existing book of business apart from being able to amplify its presence nationally and bolster its position as a dominant provider of varied investment solutions in the country.
The company’s decent liquidity and balance sheet position will equip it to pursue such inorganic growth opportunities in the upcoming period as well.
Shares of this Zacks Rank #3 (Hold) company have gained 23.5% over the past six months, outperforming the industry’s 21.8% rally.
Recently, Truist Financial (TFC - Free Report) inked a deal to acquire Service Finance Company, LLC from Canada-based ECN Capital Corp. for $2 billion in cash. Service Finance is one of the leading providers of POS financing solutions for the home improvement industry and will further augment Truist Financial’s point-of-sale (POS) lending business.
Last week, Fifth Third Bancorp (FITB - Free Report) completed the previously-announced buyout of Provide, a digital platform for healthcare practices. The deal underlines the bank’s continued digital innovation efforts and focus on the healthcare sector. It adds world-class national digital capabilities and will enable the company to address complex lending and banking needs of retail healthcare providers.
In July, State Street Corporation (STT - Free Report) agreed to acquire Mercatus, Inc., a preeminent front-and-middle-office solutions and data management provider facilitating the former to offer a fully integrated platform for growing private market segments.
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
U.S. Bancorp (USB) Grows Digital Payment Ability, Buys Bento
In efforts to scale digital capabilities for small businesses, U.S. Bancorp’s (USB - Free Report) primary subsidiary, U.S. Bank, recently entered an agreement to acquire fintech company Bento Technologies. The transaction is anticipated to close in September.
Bento Technologies or Bento for Business is a payment software company, offering payment and expense-management services to small and mid-sized businesses. It enables businesses to efficiently manage card-based payments and other expenses through spend tracking, and card transaction innovative tools and controls.
Expense management tools from Bento will integrate well with the other U.S. Bank services like credit, deposit and card accounts, thereby, revamping secure payment acceptance and further advancing the digital money movement.
Hence, augmenting Bento’s accounts payable-based software with U.S. Bank’s existing Elavon and talech accounts receivable software solutions is a strategic fit. This will enable it to offer customers comprehensive payments and banking services, allowing streamlining cash flow and money management matters.
Per U.S. Bank management “our goal is to make money management easier for them so they can spend less time on administrative tasks, and more time on doing what they love – serving their customers.”
The acquisition is in line with the U.S. Bancorp’s ongoing investments in innovative product enhancements, services and people. Such efforts have strengthened the company’s balance sheet and fee-based businesses, beside increasing market share.
In July, U.S. Bank inked a deal to acquire PFM Asset Management LLC to strengthen its asset management arm.PFM Asset Management caters to a wide spectrum of client relationships and product offerings, including outsourced chief investment officer services, local government investment pools and separately managed accounts in both fixed income and multi-asset class strategies.
Per U.S. Bancorp Asset Management head, Eric Thole, these services accomplish U.S. Bank’s existing book of business apart from being able to amplify its presence nationally and bolster its position as a dominant provider of varied investment solutions in the country.
The company’s decent liquidity and balance sheet position will equip it to pursue such inorganic growth opportunities in the upcoming period as well.
Shares of this Zacks Rank #3 (Hold) company have gained 23.5% over the past six months, outperforming the industry’s 21.8% rally.
Image Source: Zacks Investment Research
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Similar Moves by Other Banks
Recently, Truist Financial (TFC - Free Report) inked a deal to acquire Service Finance Company, LLC from Canada-based ECN Capital Corp. for $2 billion in cash. Service Finance is one of the leading providers of POS financing solutions for the home improvement industry and will further augment Truist Financial’s point-of-sale (POS) lending business.
Last week, Fifth Third Bancorp (FITB - Free Report) completed the previously-announced buyout of Provide, a digital platform for healthcare practices. The deal underlines the bank’s continued digital innovation efforts and focus on the healthcare sector. It adds world-class national digital capabilities and will enable the company to address complex lending and banking needs of retail healthcare providers.
In July, State Street Corporation (STT - Free Report) agreed to acquire Mercatus, Inc., a preeminent front-and-middle-office solutions and data management provider facilitating the former to offer a fully integrated platform for growing private market segments.