Business-to-business (B2B) payments outfit Balance has forged an alliance with enterprise marketplace software-as-a-service (SaaS) platform Mirakl to provide improved payment solutions for B2B organisations in the US.
Under the partnership, Balance’s payments solutions will be embedded with Mirakl’s platform.
The embedded solution will help reduce costs of users and enable B2B marketplaces to bolster their e-commerce businesses, stated Balance.
In addition, Balance and Mirakl will offer payment and invoicing tools as per the requirements of B2B marketplaces in the US.
The organisations will also receive various payment solutions such as net terms, flexibility in mode of payments, automated accounts receivables, among others.
A wide range of stakeholders including buyers, vendors, and operators are said to benefit from the tie-up.
Last year, B2B marketplace sales grew 131% to $56.5bn. It has made the sector the fastest growing e-commerce channel globally.
Despite the increasing number of organisations opting for marketplace platform models, there is a dearth of suitable payment solutions for the B2B e-commerce sector.
Through the new alliance, both the companies aim to help marketplaces offer improved buying capabilities, handle larger order values and speed up growth.
Balance CEO and co-founder Bar Geron said: “At Balance, our mission is to fully digitise B2B trade by bringing business payments online, and partnering with Mirakl will allow us to serve more B2B marketplaces than ever before.
“Together with the Mirakl team we will provide the best B2B payments experience possible for Mirakl-powered B2B marketplaces in the US.”
In July this year, Balance raised $56m in a Series B round led by Forerunner Ventures. The infusion increased the firm’s total funding to $86m.