Payments platform Balance has raised $25m in Series A funding to digitise payments for B2B ecommerce.
Led by Ribbit Capital, the financing round was joined by Avid Ventures as well as existing backers Stripe, Y Combinator Continuity Fund, SciFi VC, Lightspeed Ventures, and UpWest.
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Other investors in the round includes former Square Capital head Jacqueline Reses and previous and current executives of Square, Plaid, Coinbase, Stripe, and PayPal.
Balance offers a consumer-like B2B checkout platform for merchants and marketplaces.
The platform allows B2B firms that sell goods online to offer a range of payment methods to buyers including CH, Card, Wire, and Checks and flexible payment terms.
Balance founder and CEO Bar Geron said: “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.
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By GlobalData“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.”
Balance’s current partners include eCommerce giants including BigCommerce and Magento while its customer base consists of startups to publicly traded marketplaces and ecommerce enterprises across various market segments.
Ribbit Capital general partner Jordan Angelos said: “There’s $130trn of global B2B trade that’s inevitably coming online.
“Balance’s checkout and payments infrastructure give ecommerce businesses a purpose-built toolkit to facilitate this transition. We’re energised by Balance’s mission and excited to become partners.”
Geron added: “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.”
