Balance, a B2B e-commerce payments company, has raised $56m in Series B funding in a round led by Forerunner Ventures.
Also participating in the raise was Salesforce Ventures, Hubspot Ventures, Lyra Ventures, and Gramercy Ventures. Notable leaders in B2B eCommerce also joined as angel investors, including former Shopify CMO Jeff Wisener, Faire CTO & co-founder Marcelo Cortes, as well as previous investors Ribbit Capital, Lightspeed Ventures, Avid Ventures, Upwest and Jibe.
Launched early 2021, Balance provides an online checkout with omni-channel support buil for businesses. Its offering allows companies to process any payment method, offer flexible terms, and get paid instantly within one platform.
The company has grown its customer base by ten times since its launch, partnering with typically traditional offline industries such as food, steel, and chemicals.
Balance said it will use the funding to expand its offerings to new, global eCommerce platforms and enable B2B merchants to grow their digital revenue, fuelling its mission to fully digitise B2B trade.
Bar Geron, CEO and co-founder of Balancem, said, “From my time at PayPal, I realised no one was tapping into the opportunity to unlock the potential of B2B eCommerce and marketplaces payments.
“We’ve entered the fourth ‘Industrial Revolution’ that will take global trade online, creating a truly efficient market. Balance is bringing centuries-old systems into the modern-age through the power of digitisation.”
Balance’s previous funding round saw it raise $25m, which was led by Ribbit Capital.
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