Visa invests in Behalf for SME financing push
Behalf, which has offices in Tel Aviv and New York, provides working capital solutions for small businesses and financing for business purchases.
As part of Visa’s investment, of which financial details were not disclosed, it will offer Behalf’s clients a tokenised Visa Virtual Card, a credit-based payment solution that gives businesses financing. The card will initially be offered in the US.
This partnership follows on from Visa’s commitment to invest up to $100 million in fintech, as announced in June 2018 at the Money 20/20 conference in Amsterdam.
Shahar Friedman, acting general manager for Visa in Israel, says: “This partnership is a result of a close collaboration between the Visa Innovation Studio Tel Aviv and the dynamic Israeli start-up ecosystem to bring the power of the VisaNet global network to promising young companies in Israel such as Behalf.”
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.