In-Purchase Financing Provider Behalf Raises Over $100M to Expand Buy Now, Pay Later Capability for B2B
NEW YORK and RA'ANANA, Israel, July 28, 2021 (GLOBE NEWSWIRE) -- Behalf, Inc., a provider of In-Purchase Financing solutions for B2B sellers and buyers, today announced $19 million in new venture financing. The round was led by existing investors MissionOG, Viola Growth, Viola Credit and Vintage Investment Partners. New investors Migdal Insurance and La Maison Partners are also participating in the round.
In addition, Behalf announced the creation of a new debt facility totaling up to $100 million, provided by funds managed by Ares Management Corporation (“Ares”). The capital raised will enable Behalf to expand the availability of In-Purchase Financing to a broader array of B2B merchants and their SMB customers, while continuing to extend the capabilities of its industry-leading platform.
“The B2B eCommerce market is ripe for transformation. Merchants are recognizing the opportunity to drive new revenue by deploying In-Purchase Financing,” said Rob Rosenblatt, CEO of Behalf. “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’s In-Purchase Financing solution provides B2B merchants with all the benefits of consumer-focused Buy Now, Pay Later offerings along with capabilities tailored specifically for business-to-business commerce including:
“We think there is a great market opportunity for a B2B offering targeting the more complex, real-time financing needs of SMBs,” said Jeffrey Kramer, Partner and Head of ABS in the Alternative Credit strategy of the Ares Credit Group. “We are excited to provide a debt facility that will help support the company to achieve its growth objectives.”
Behalf’s e-commerce financing solution is offered by an array of merchants across the electronics, mobile phone resale, business supplies, medical and health, home/hardware and other merchant categories. To date, Behalf has on-boarded over 19,000 merchants and 95,000 business customers, and provided over $1 billion in financing. For more information, visit https://www.behalf.com/.
About Ares Management Corporation
About Ares Alternative Credit
Media Contacts: for Behalf Tim Walsh email@example.com 617.512.1641 for Ares Management Corporation Carl Drake, 888-818-5298 firstname.lastname@example.org or Brittany Cash, 212-301-0347 email@example.com
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