B2B payments fintech Balance raises $25m in Series A funding
B2B e-commerce payments platform Balance has raised $25 million in Series A funding.
Balance CEO Bar Geron
The funding round was led by Silicon Valley venture capital firm Ribbit Capital, with participation from early-stage investors Avid Ventures and existing investors Stripe and Y Combinator Continuity Fund, among others.
Individual investors include employees and executives from Square, Plaid, Coinbase, Stripe, and PayPal.
The fintech says it is meeting the market need for B2B e-commerce to move online. Balance says 92% of B2B transactions are currently conducted offline, putting the figure at over $2 trillion, more than twice as much as consumer retail e-commerce.
It claims its consumer-like dedicated B2B payments platform will help improve the online checkout experience for customers within B2B marketplaces.
Balance founder and CEO Bar Geron says the significant amount of global B2B trade conducted offline results in high cost of living and economic inefficiencies across the world.
“We are at the very early innings of a massive shift from offline to online, across industries,” Geron says, adding he wants to make it a “no-brainer” for B2B businesses to make the shift.
Balance’s customers range from start-ups to publicly traded marketplaces and e-commerce enterprises across industries including steel, freight, construction, food ordering, medical supply, and apparel.
