Bench, a popular accounting platform startup, suddenly shuts down, leaving customers in limbo
Popular accounting startup Bench abruptly shut down on Friday, marking a dramatic end for a company that had once been a favorite among small businesses and startups across North America. The closure comes just a few years after venture capitalists on the board ousted the original founder, Ian Crosby, claiming they could steer the company in the “right direction.” That direction, it seems, led straight to its downfall.
Crosby, who co-founded Bench in 2012, says the shutdown was predictable after the VCs fired him and took the company in what he describes as a poorly conceived new direction. Before its closure, Bench had raised over $100 million in total funding as of December 2024.
“The Vancouver, British Columbia–based startup said it was shutting down services for customers, effective immediately. MacBride found she couldn’t access her company’s financial information, including loan statements and tax returns, through Bench’s website,” The Information reported.
The sudden announcement left Bench’s 12,000 customers scrambling to find alternatives for their accounting and tax needs. Other accounting startups like Pilot and Kick seized the moment, offering discounts to lure displaced customers, according to their founders. Meanwhile, Bench informed its staff that the company was insolvent, deepening the sense of crisis.
