Financial services

BlueSnap prepares Israeli startups for international success with new financial services

BlueSnap, an international global payments company that provides advanced payment and clearing services, announced that it has received a license from Israel’s Capital Markets, Insurance and Savings Authority to offer payment services. ‘Financial assets. The company, which has been operating in Israel for 20 years, can continue to support Israeli companies and startups seeking global payment and clearing solutions, including e-commerce solutions.

Even though BlueSnap traditionally aims to help businesses with at least $5 million in revenue, the company makes an exception when it comes to Israel. “We started by helping Israeli customers sell outside of Israel,” BlueSnap CEO Ralph Dangelmaier explained in an interview with CTech. “Believe it or not, it’s quite hard to do because a lot of countries don’t understand how to deal with Israeli tech companies, obviously it’s more prevalent now, but if you go back 6-7 years ago, it was hard to do… we make an exception in Israel and we take startups here because we think we can help them, we know what to do, and there’s a good networking community. an exception here as they tend to trust us to help them with what they do.

BlueSnap has traditionally helped SaaS businesses, and their prevalence in Startup Nation has led Dangelmaier to call the region a “great place” to help clients like monday.com, Redis Labs, JFrog, Outbrain, and more. The license was received after a two-year process that included a comprehensive review process by the Authority. Today, the company has 15 customers in Israel and helps them with their sales processes in 200 geographic regions with access to local acquirers in 47 countries supporting 110 currencies. These currencies can be exchanged in over 100 global payment types such as e-wallets, automated billing accounts, fraud protection and declined payment processes.

This step by the Authority opens up a market hitherto monopolized by traditional clearing companies such as Isracard, Max and Cal. It is understood that this will bring more competition and the company intends to bring technology to the Israeli market that meets the international standard.

“After a process that lasted approximately two years, we were pleased to be informed of obtaining a financial services license from the Capital Market, Insurance and Savings Authority,” added Meir Gefen, CEO of BlueSnap Israel. and vice president of research and development at the company. “This news reinforces the recognition and trust that BlueSnap receives from the regulator. This is an important decision, both for the company and for its customers. Starting in 2022, the company’s customers will be able to benefit from streamlining clearing processes while increasing transaction volume in dozens of countries around the world. »

BlueSnap helps businesses receive payments through sales channels such as online and mobile sales, as well as Facebook Marketplace, subscription service, bill payments, and more. It is backed by leading global private equity fund managers including Great Hill Partners and Parthenon Capital Partners.