Behalf, an Isreal- and NYC-based payments platform targeted at small and mid-sized businesses, closed a Series B equity round and credit facility totaling $119M.
The equity round was led by MissionOG, an early to growth stage venture capital firm chaired by Gene Lockhart, the former CEO of MasterCard, with participation from Maverick Ventures as well as past investors Spark Capital and Sequoia Capital. Lockhart is joining the board of Behalf. Victory Park Capital (VPC) provided a credit facility in addition to contributing to the equity round.
The company intends to use the funds to grow its team and increase the number and size of working capital lines it offers.
Led by Benjy Feinberg, CEO, Behalf provides working capital lines to small businesses to help bridge the cash flow gap between having to pay a vendor for a purchase and the time it takes to generate revenue from that purchase. To cover this gap, Behalf pays an SMB’s vendor invoice, at a value of up to $25,000 per purchase, and the SMB then pays Behalf back in up to 150 days.
Along with the funding, the company announced the opening of its New York City headquarters in the Flatiron District.