Israeli B2B self-serve digital checkout platform developer Balance has emerged from stealth and announced the closing of a $5.5 million financing round from Stripe, Affirm and PayPal co-founder Max Levchin, Y-Combinator and LightSpeed Ventures.
Balance’s self-serve digital checkout platform seeks to transform the online payments experience for B2B companies by leveraging payments and risk-assessment technology. Using Balance’s platform, any merchant, marketplace or SaaS company that sells goods and services online and offline can now offer their buyers a wide range of payment methods and terms, and get paid instantly, using a single platform.
Balance cofounder and CEO Bar Geron said, “B2B online payments, and e-commerce specifically, far outpace their counterparts in B2C. Yet, the digital experience lags behind, creating missed opportunities for growth. Most online business purchases today are made via credit card, while transactions via the preferred methods for most businesses – like wires, checks, and ACH – remain offline. This is because the process is incredibly challenging, often involving offline quotes and invoices, multiple phone calls and emails, and long payment delays. Balance manages all of this complexity behind an elegant checkout experience and makes offering flexible payments methods and terms as easy as using a credit card.”
He added, “We initially set our sights on offline businesses looking to make the shift to digital, but quickly realized that even tech companies with self-serve products and services wanted a way to offer their customers flexible payments and terms. We’re excited at the early momentum we’re seeing, and this round of financing will help us accelerate product innovation and adoption of the Balance platform worldwide.”
Published by Globes, Israel business news – en.globes.co.il – on February 4, 2021
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