BlueSnap, which works in global payments and provides advanced payment and clearing services, now has a license from Israel’s Capital Market, Insurance and Savings Authority to provide financial asset services.
BlueSnap helps companies get paid through sales channels like online and mobile sales along with Facebook Marketplace, invoices, subscriptions and other things.
The company has operated in Israel for 20 years and can now keep supporting Israeli companies and startups looking for global payment and clearing services. That includes solutions for online sales.
The license was given after a two-year process in which there was a comprehensive review by the authority.
BlueSnap usually works with companies that pull in 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 make an exception in Israel and we take startups here because we think we can help them, we know what to do, and there is a good networker community,” he said. “We make an exception here because they tend to trust us to help them with what they’re doing.”
The company works with a lot of Software-as-a-Service companies. It has a large presence in Startup Nation, and so Dangelmaier has called that region a great spot 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, in order to “level the playing field” after the years of bigger companies dominating it all.
Smaller eCommerce sites have found it difficult to break out of the shadow of companies like Amazon or Alibaba.
BlueSnap’s goal was to “break the glass ceiling” for those companies looking to sell their products on a marketplace-style site of their own with its Marketplaces tool.