Behalf raises $100m in debt financing to expand BNPL offering for B2B firms
New York-based fintech Behalf has secured $19 million in venture funding and up to $100 million in debt financing as it looks to boost its e-commerce financing solutions.
The firm’s debt financing has been provided by funds managed by UK investment company Ares Management Corporation.
The equity funding round was led by existing investors MissionOG, Viola Growth, Viola Credit and Vintage Investment Partners, with participation from new investors Migdal Insurance and La Maison Partners.
Behalf has now raised around $462 million in total equity and debt financing.
The company, which also counts Visa as one of its previous investors, landed $13 million in a Series D round last year following a $150 million debt financing raise in 2018.
Behalf offers in-purchase B2B financing solutions such as buy now, pay later (BNPL) capabilities for US e-commerce businesses.
Founded in 2011, it claims to have onboarded over 19,000 merchants and 95,000 business customers and provided over $1 billion in financing.
The company plans to use the funds to expand the availability of its BNPL offerings and further product development.
The popularity of BNPL firms has been booming recently. US payments firm Square agreed a deal to acquire Australian BNPL firm Afterpay for $29 billion earlier this week, while Klarna brought in $639 million from a SoftBank-led funding round in June.