Alternative Financer Behalf Raises $150 Million in Debt Financing
The New York-headquartered company offers businesses instant working capital of up to $50,000
For daily updates, subscribe to our newsletter by clicking here.The Soros-affiliated fund committed $120 million while Viola committed $30 million, according to one person familiar who was interviewed by Calcalist on conditions of anonymity. Both funds will also participate in an investment round Behalf intends to hold soon, this person said.
Established in 2012 and headquartered in New York with offices in Tel Aviv, Behalf offers businesses instant working capital of up to $50,000. The company states its service can be used for business purchases in place of nearly any other payment method, within a customizable payment schedule.Loan applicants undergo a one-time, hard personal credit inquiry to determine their eligibility. Behalf also performs periodic credit checks to monitor a customer's continuous eligibility. The funding will allow Behalf to expand its e-commerce B2B business, company co-founder and CEO Benjy Feinberg said in a statement.
In 2017, Behalf announced a partnership with FinWise Bank, a Utah-chartered bank located in Sandy, Utah. FinWise now funds all of Behalf's accounts, according to Behalf's website.Behalf has raised $250 million in debt financing and over $60 million in equity funding to date, company co-founder and CEO Benjy Feinberg said in a Monday interview with Calcalist.