BlueSnap, which works in global payments and provides advanced payment and clearing services, now has a license from the Israel Capital Markets, Insurance and Savings Authority to provide financial asset services .
BlueSnap helps businesses get paid through sales channels such as online and mobile sales, as well as Facebook Marketplace, invoices, subscriptions and others.
The company has been operating in Israel for 20 years and can now continue to support Israeli businesses and startups seeking global payment and clearing services. This includes solutions for online sales.
The license was granted after a two-year process during which there was a comprehensive review by the authority.
BlueSnap typically works with companies that generate at least $5 million in revenue, but the company applies a different standard in Israel, where CEO Ralph Dangelmaier says there are other factors at play.
“A lot of countries don’t understand how to deal with Israeli tech companies, it’s obviously more prevalent now, but if you go back 6-7 years ago, it was hard to do…we’re making 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 community of networkers,” he said. “We make an exception here because they tend to make us confidence to help them in what they do.”
The company works with many software-as-a-service companies. It has a large presence in Startup Nation, so Dangelmaier called this region a great place to help various clients, including monday.com, Redis Labs, JFrog, Outbrain, and others.
PYMNTS wrote in 2020 that BlueSnap has added a new tool, Marketplaces, to “level the playing field” after years of big business dominating everything.
See more: BlueSnap adds support for X-Border payments for B2B e-commerce
Smaller e-commerce sites have struggled to emerge from the shadow of companies like Amazon or Alibaba.
BlueSnap’s goal was to “break the glass ceiling” for businesses looking to sell their products on their own marketplace-style site with its Marketplaces tool.