Buy Now, Pay Later (BNPL) Fintech Behalf, has raised $19 million in new venture financing alongside a debt facility that is said to bring the total to $100+ million. Existing investors led the funding including MissionOG, Viola Growth, Viola Credit and Vintage Investment Partners. New investors Migdal Insurance and La Maison Partners joined in supporting the firm.
Rob Rosenblatt, CEO of Behalf, commented on the funding:
“The B2B eCommerce market is ripe for transformation. Merchants are recognizing the opportunity to drive new revenue by deploying In-Purchase Financing. At the same time, small and mid-sized businesses (SMBs) need access to affordable financing options — an evergreen challenge exacerbated during COVID. Even as the U.S. economy is improving, SMBs continue to seek financial assistance to purchase critical supplies, inventory and equipment. Oftentimes they lack the requisite spend capacity on their personal or business credit cards. By offering In-Purchase Financing with flexible terms, B2B merchants can increase average order size by as much as 50-80 percent while reducing their risk, improving cash flow and driving operational efficiencies.”
Behalf offers a series of services to facilitate BNPL with B2B merchants including streamlined integration with existing point of sale systems. The service allows merchants to outsource their net terms and extended financing programs, and receive payment as early as next business day.
Guy Fischer, Deputy CEO and Chief Investment Officer of Migdal, said the investment was made out of their $1.5 billion internal Fintech fund and is in line with their strategy of investing in Fintech companies that have robust growth potential.
“This injection of capital should support a steep growth curve for the company,” stated Fischer.