NEW YORK--(BUSINESS WIRE)--Behalf, a provider of working capital solutions for small and medium-sized businesses, announced today that it has secured $150 million in debt financing led by a private investment fund managed by Soros Fund Management LLC. Viola Credit also participated in the Debt Financing. An equity investment in Behalf was also made by Viola Credit and a private investment fund managed by Soros Fund Management LLC.
Behalf is a Fintech company that disrupts the payment market with data and technology, allowing it to assess the credit worthiness of SMBs that are overlooked and underserved by traditional banks. Operating within the B2B lending space, the company partners with sellers to offer their customers flexible financing at the point of sale.
“This is a significant step forward for Behalf. This funding allows us to expand our fast-growing e-commerce B2B financing platform and enhance our ability to provide the best business terms to customers, in a fraction of the time of a traditional business lender” Benjy Feinberg, Founder and CEO of Behalf.
Behalf’s unique solution help sellers implement or expand e-commerce capabilities, close more deals, increase average order value, and de-risk themselves from the collections process. In turn, their small business customers get increased purchasing power and more time to pay. The critical buyer-seller solution solves for the $2.6 trillion financing gap among SMBs.
“We believe Behalf’s technology and acquisition channel will change the landscape of business lending,” said Uri Galai, partner at Viola Credit. “Behalf understands that the buyer-seller relationship has changed, and is providing an unparalleled solution to the increased demands from vendors and their customers seeking financing. We are excited to join Behalf in its next stage of growth.”
In 2017, Behalf announced its partnership with FinWise Bank, a Utah-chartered bank located in Sandy, Utah, member FDIC. The company has tripled revenue annually and count some of the biggest names in B2B, such as Lenovo, Best Buy and PCM, in its network of accepting partners.
Founded in 2012, Behalf is a financing provider that facilitates commerce between business to business vendors and their small and medium business customers. Driven by data and technology, Behalf allows vendor partners to offer business customers instant credit and flexible payment terms at the point of sale. Once qualified, Behalf customers can use their credit facility to fund purchases with virtually any vendor, including businesses on the MasterCard network.
Behalf is headquartered in New York City with an office in Tel Aviv. Behalf has been recognized as a “Rising Star” among Deloitte’s Technology Fast 50 and was named “Best Online Business Lender” at the 2016 Tradestreaming Awards. For more information on how Behalf is transforming the way businesses buy and sell, visit www.behalf.com.
About Viola Credit
Viola Credit is Israel’s leading private credit fund offering multi-strategy credit products to growing companies. The fund provides cutting-edge, custom credit solutions to mid, late and growth-stage technology-focused companies, through several main investment vehicles including Venture Lending, Alternative Lending, Mezzanine and Distress. Since 2000, Viola Credit has successfully completed over 120 transactions and committed over $700 million to Israeli and non-Israeli companies with substantial revenue and growth momentum.
Viola credit is part of Viola group, Israel’s leading technology oriented investment group with over $2.8B assets under management.
About FinWise Bank
Based in Sandy, UT, FinWise Bank, subsidiary of All West Bancorp, is a community bank and offers a broad range of services, deposit and loan products to the general public. Over the last 2 years FinWise has developed strategic partnerships with leaders in the world of financial technology in both consumer and commercial niche verticals to help facilitate lending across the United States.