Israeli Fintech Firm Balance Raises $25M For B2B Payments Platform
Israeli-founded B2B eCommerce payments experience platform Balance announced last week that it has raised $25 million in a Series A funding round led by California-based venture capital firm Ribbit Capital.
Avid Ventures participated in the round, along with existing investors Lightspeed Ventures, Stripe, Y Combinator Continuity Fund, SciFi VC, and UpWest. Other individual investors participating include Jacqueline Reses (formerly Head of Square Capital) as well as additional early employees and executives from Square, Plaid, Coinbase, Stripe, and PayPal.
The funding comes just six months after Balance announced a $5.5 million seed round.
Balance is the first consumer-like B2B checkout platform for merchants and marketplaces, the company says. The platform provides flexibility and control for all parties involved. Buyers have the choice of payment methods including ACH, wire, and checks, while merchants get an immediate payout. Marketplaces are enabled with automated vendor disbursement, a full compliance umbrella, and reconciliation management.
“Global B2B trade being done mostly offline is resulting in high cost of living and economic inefficiencies, worldwide. We are at the very early innings of a massive shift from offline to online, across industries,” says Bar Geron, Balance CEO, who co-founded the company with Yoni Shuster, “Our goal is to facilitate this transition with an amazing transaction experience for businesses and suppliers, making it a no-brainer for every B2B business to start selling online. We’re happy to share an aligned vision regarding the future of global B2B trade with Ribbit Capital and all our backers and partners, and are excited to have this impressive group join us to continue enhancing our customers’ payment experience.
Balance is already partnering with eCommerce giants like BigCommerce, which powers its B2B edition to enable merchants to build their self-serve checkout), as well as Magento, leading B2B eCommerce agencies, and soon to include Salesforce. Balance’s customer base varies from startups to publicly traded marketplaces and eCommerce enterprises across industries such as steel, freight, construction, food ordering, medical supply, apparel, and more.
“Balance’s checkout and payments infrastructure gives eCommerce businesses a purpose-built toolkit to facilitate this transition. We’re energized by Balance’s mission and excited to become partners,” said Jordan Angelos, general partner at Ribbit Capital.