Visa invests in Israeli startup Behalf
Written by Chris Lemmon
Visa has announced an investment and partnership with Israeli FinTech firm, Behalf, which provides working capital solutions for small businesses and financing for business purchases.
As part of Visa’s investment, Behalf’s small-business clients will be offered a tokenised virtual card, a credit-based payment solution that gives businesses instant financing for their business purchases. The offering will initially be offered in the US, with a plan to expand to other markets in the coming months.
“Behalf has demonstrated a commitment to expanding the purchasing power of small businesses by using digital payments to offer faster, more convenient and secure experiences,” said David Simon, global head of small business and medium enterprises for Visa.
“The Behalf platform offers affordable, on-demand purchase financing. Our network of B2B merchants can fit Behalf seamlessly into their e-commerce flow, receive payment immediately and provide their business customers with more buying power and flexible payment options at checkout,” added Benjy Feinberg, Behalf’s chief executive officer.
This partnership forms part of Visa’s commitment to invest up to $100 million in FinTechs, as announced in June 2018. Behalf is the first investment made by Visa in an Israeli company. It follows the Spring 2018 launch of the Visa Innovation Studio in Tel Aviv.