Commercial payment platform Behalf, which specializes in providing small businesses instant point of sale terms at vendors of their choice, has raised an additional $27 million in Series C financing. New investor Viola Growth led the round, and was joined by previous investors Sequoia Capital, Spark Capital, MissionOG, and Vintage. Behalf says that the funding will help it rapidly scale growth with increased investment in sales, business development and marketing, support continued product innovation, and bolster its position as a service leader in small business purchase financing.
Behalf instantly advances payment to the supplier, then collects the funds from the purchaser’s bank account on a schedule they set. The company says it has doubled revenues every six months since inception.
Harel Beit-On, Viola Growth Founder and General Partner, will join the Behalf Board.
“Behalf is targeting a fast growing market of SMB payments and credit, valued by analysts in the trillions, that is underserved by banks” said Beit-On. “Led by a strong founding and executive team, Behalf presents an impressive growth rate and high customer retention, by disrupting the way small businesses purchase new goods and services from their vendors of choice with clear affordable terms. We are happy to partner with the Behalf team as they embark on the next phase of growth.”
“SMBs are the unsung heroes of the US economy, producing nearly half of the US’s goods and services, responsible for two out of every three new jobs created, and generating the majority of innovation in the process. Yet, they are severely constrained by lack of access to working capital and their financial needs are not a focus area for traditional banks,” said Behalf co-founder and CEO Benjy Feinberg, “Behalf has a simple solution, driven by data and technology, that allows us to provide well-priced and flexible credit tools to help SMBs and their suppliers grow profitably."
Behalf is headquartered in New York City with an office in Tel Aviv.
Viola Growth is a member of Israeli private equity group Viola Group, which focuses on technology and has over $2.5 billion under management.
Published by Globes [online], Israel business news - www.globes-online.com - on August 30, 2016
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