Bench shuts down, leaving thousands of businesses without access to accounting and tax docs

Dec 29, 2024

Bench abruptly shuts down, affecting 35,000 users, with customers advised to migrate to Kick for bookkeeping services.

Bench shuts down, leaving thousands of businesses without access to accounting and tax docs

: Bench, a Canada-based accounting startup serving over 35,000 U.S. customers, has unexpectedly shut down as of December 27, 2024, leaving businesses without access to financial records. High-profile backers of Bench included Shopify and Bain Capital Ventures, with funding totaling $113 million. Customers are advised to file an IRS extension and migrate to Kick for bookkeeping support, while former CEO Ian Crosby expressed disappointment at the direction taken after his departure.

Bench, an accounting startup based in Canada, has abruptly ceased operations, leaving over 35,000 U.S. customers without access to their accounting and tax documentation as of December 27, 2024. The shutdown has been a significant disruption to businesses relying on Bench for their bookkeeping needs, with some customers expressing frustration on social media.

Bench had raised $113 million from backers such as Shopify, Bain Capital Ventures, and was part of TechStars. It recommended customers extend their IRS filing and seek services from a new startup, Kick, which recently secured $9 million in seed funding led by OpenAI and General Catalyst.

Founder Ian Crosby, who left the company post-Series C funding, expressed sorrow over its closure, critiquing investor-led leadership changes. These rapid developments highlight the challenges startups face in balancing growth, investor expectations, and founder vision.