Bench Layoffs

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Bench, a Canadian accounting software startup for small and medium-sized businesses, abruptly shut down on December 27, 2024, resulting in the effective layoff of its entire workforce. The company, which had raised $113 million from investors like Shopify and Bain Capital Ventures, served over 35,000 U.S. customers. Its sudden closure left thousands of businesses without access to critical accounting and tax documents, forcing them to urgently migrate their data. Bench cited an inability to continue operations, recommending customers transition to another startup, Kick. The shutdown reflects significant turmoil in the fintech and SaaS industry, impacting a venture-backed company that had scaled to serve a substantial customer base.

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