Visa Backs Israeli Alternative Financer Behalf

Visa Backs Israeli Alternative Financer Behalf

The investment is part of Visa's $100-million dollar Fintech venture investment fund for Israel and Europe, announced in June

Meir Orbach  12:09  07.08.18

Visa Inc. announced on Monday an investment and partnership with Israeli alternative financing startup Behalf Inc. The amount of the investment was not disclosed. Visa’s investment through the company’s $100 million venture investment fund focused on fintech startups in European countries and in Israel, announced in June.

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Established in 2012 and headquartered in New York with offices in Tel Aviv, Behalf offers instant commercial credit of up to $50,000 based on a one-time personal credit inquiry. In February, Behalf announced an investment of $150 million in debt financing from a private investment fund managed by Soros Fund Management LLC, and Viola Credit, the growth and venture lending arm of Israel-based Viola Group. Behalf has raised $250 million in debt financing and over $60 million in equity funding to date.

Left to right: two of Behalf’s founders, Benjy and Shai Feinberg. Photo: Tamuz Rachman Left to right: two of Behalf’s founders, Benjy and Shai Feinberg. Photo: Tamuz Rachman Left to right: two of Behalf’s founders, Benjy and Shai Feinberg. Photo: Tamuz Rachman

As part of their partnership, Visa will offer Behalf’s small-business clients a tokenized credit-based payment service dubbed Visa Virtual Card. The service will launch in the U.S., and expand to other markets in the coming months, the companies said.

In February, Visa opened a technology scouting office in Tel Aviv to test the adoption of locally developed technologies within the company’s network.

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