B2B e-commerce paytech Balance raises $56m in Series B round
Balance, a B2B marketplace and e-commerce payments firm, has raised $56 million in a Series B funding round led by Forerunner.
Also participating in the round were Salesforce Ventures, Hubspot Ventures, Lyra Ventures and Gramercy Ventures, as well as a number of angel investors and previous investors Ribbit Capital, Lightspeed Ventures, Avid Ventures, Upwest and Jibe.
Balance says it will use the fresh funding to boost its growth as it looks to help more B2B merchants grow their digital revenue.
Launched in February 2021 by PayPal alumni Bar Geron and Yoni Shuster, Balance claims to offer the first online checkout solution with omni-channel support for businesses.
Balance says its tools can enable companies to process any payment method, offer flexible net terms financing and get paid instantly.
“Buyers have the flexibility to pay like they would on a consumer website, transacting in a few clicks,” the company adds.
With offices in Tel Aviv and New York City, Balance says it has over 300 merchants, marketplaces and customers combined, and that it has helped “shift traditionally offline industries like food, steel, chemicals and apparel to an e-commerce model that resembles B2C”.
“From my time at PayPal, I realised no one was tapping into the opportunity to unlock the potential of B2B e-commerce and marketplaces payments,” says Bar Geron, CEO and co-founder of Balance.
Balance last raised $25 million in a Series A funding round held in August 2021.