Daily News: February 6, 2018

Soros, Viola Credit Provide $150MM Facility for Behalf

Behalf, a provider of working capital solutions for small and medium-sized businesses, secured $150 million in debt financing led by a private investment fund managed by Soros Fund Management and Viola Credit.

Viola Credit and a the Soros-managed fund also made an equity investment in Behalf.

“This is a significant step forward for Behalf. This funding allows us to expand our fast-growing e-commerce B2B financing platform and enhance our ability to provide the best business terms to customers, in a fraction of the time of a traditional business lender,” said Benjy Feinberg, founder and CEO of Behalf.

New York City-based Behalf is a fintech company that disrupts the payment market with data and technology, allowing it to assess the credit worthiness of SMBs that are overlooked and underserved by traditional banks. Operating within the B2B lending space, the company partners with sellers to offer their customers flexible financing at the point of sale.

In 2017, Behalf announced its partnership with FinWise Bank, a chartered bank located in Sandy, UT. The company has tripled revenue annually and counts some of the biggest names in B2B, such as Lenovo, Best Buy and PCM, in its network of accepting partners.

Viola Credit is Israel’s leading private credit fund offering multi-strategy credit products to growing companies.