Small business financing and payment solution provider Behalf will partner with online, tech-based retailer NeweggBusiness to offer the firm’s business customers flexible, extended financing. NeweggBusiness gives its users access to a range of IT products – from laptops and desktops to servers and data storage solutions – at competitive prices. NeweggBusiness also supports smart purchasing by providing peer reviews, expert opinion, product tutorials, and the ability to network with other members of the NeweggBusiness community.

“Behalf is a great addition to our offering, as it gives NeweggBusiness customers greater flexibility in how they purchase and pay for the equipment that’s essential to their everyday operation,” VP of Business Development for NeweggBusiness Greg Fischer said. “Our commitment to deliver business-friendly solutions to our customers runs deep, not only in the products we offer, but also in the financing options that make those products more accessible to all business customers.”

Courtesy of the new partnership with Behalf, NeweggBusiness customers will be able to apply for a Behalf account directly from the NeweggBusiness website, and use Behalf’s financing for their NeweggBusiness purchases. Behalf offers an omni-channel digital payment platform that enables businesses to extend net terms and financing to their business customers. Once businesses sign up for net terms/financing with Behalf, they send their payments directly to Behalf who, in turn, pays the SME’s vendor by the next business day after the transaction is approved. Behalf helps accelerate receivables, boost inventory turnover, and gives small businesses greater control over their cashflow and access to more buying power.

“Financing has always been a challenge for small- and medium-sized businesses, and that is especially the case today due to COVID,” said Behalf CEO Rob Rosenblatt. “Access to capital is critical to the success of these businesses and Newegg is addressing the problem head on for its customers with Behalf.” Rosenblatt joined Behalf as CEO in August, replacing company co-founder Benji Feinberg.

Founded in 2011 and demonstrating its technology at FinovateFall three years later, Behalf announced a partnership in September with Georgia-based Priority Payments Systems and Priority Commercial Payments to offer flexible cashflow solutions for SMEs. The company has raised $310 million in funding from investors including Soros Fund Management, Viola Growth, MissionOG, and Spark Capital.

Small business financing and payments company Behalf has a new man at the top. The company announced that Rob Rosenblatt, who has been serving as Behalf president for the past six months, will now take over the role of Chief Executive Officer of the eight-year old firm.

“Consumers have enjoyed a broad range of financing solutions offered by retailers and e-tailers for many years,” Rosenblatt said in a statement. “Now is the time for every major business seller to make net terms and extended financing solutions available to their customers in order to facilitate commerce. Behalf is ideally suited to help accelerate the adoption of these solutions.”

Rosenblatt will replace company co-founder Benji Feinberg, who had served as the company’s CEO since its founding in 2012. Rosenblatt’s appointment will mean that Behalf’s customer-facing functions will be based in New York City, with the firm’s R&D capabilities continuing to be housed in Behalf’s offices in Ra’anana, Israel.

Before coming to Behalf in February of this year, Rosenblatt was Head of Lending and GM of Lending Operations for Kabbage. He was also previously Chief Customer and Chief Marketing Officer for Flywire. Rosenblatt is currently on the board of directors of prepaid card provider PEX Card.

Behalf helps small businesses manage cash flow and expenses by enabling them to quickly and affordably finance almost any business purchase. The company uses its own proprietary credit scoring methodology to guide its purchase financing, and pays vendors directly on behalf (hence the name) of small businesses while collecting repayments on behalf of the vendor. With Behalf, B2B sellers are able to get paid upfront, without needing to worry about credit risk, as well as enjoy larger average order sizes. Buyers benefit from ready access to financing, including avoidance of the financing fee if repayment is made during the grace period.

“There is real demand for Behalf’s financing solutions in B2B commerce,” Behalf Executive Chairman Michael Heller said. “Now is the ideal time for Rob and the entire Behalf team to seize the opportunity and focus on growing the company.” Heller is also an Operating Partner at Oak FT/HC and MissionOG.

Behalf has raised $310 million in funding from investors including Viola Growth, Spark Capital, MissionOG, Visa, and Sequoia Capital Israel.

Photo by Ian Panelo from Pexels