Balance Raises $56M for Online Global Trade With B2B eCommerce Checkout

B2B marketplace and eCommerce payments platform Balance announced a $56 million Series B fundraising round Tuesday (July 26), bringing the company’s total funding to $87 million.

Forerunner Ventures led Balance’s funding effort, according to the press release, with support from Salesforce Ventures, Hubspot Ventures, Lyra Ventures and Gramercy Ventures.

Angel investors included former Shopify executive Jeff Wisener and Faire Chief Technology Officer and co-founder Marcelo Cortes, as well as previous investors Ribbit Capital, Lightspeed Ventures, Avid Ventures, Upwest and Jibe.

Balance said it will use this funding to expand its offerings to new, global eCommerce platforms and enable B2B merchants to grow their digital revenue. The company works with hundreds of B2B merchants and marketplaces, including lumber, chemical, steel, retail and food companies, and has grown tenfold since its launch in February 2021, per the release.

“From my time at PayPal, I realized no one was tapping into the opportunity to unlock the potential of B2B eCommerce and marketplaces payments,” said Bar Geron, CEO and co-founder of Balance. “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 digitization.”

In August, Balance announced it raised $25 million in a Series A round led by Ribbit Capital, which also saw participation from Lightspeed Ventures, Stripe, Y Combinator Continuity Fund, SciFi VC and UpWest, among others.

See also: Balance Rakes In $25M To Digitize B2B eCommerce Payments

Balance’s one-click checkout platform “provides flexibility and control for all parties involved: buyers enjoy the choice of payment methods including ACH, wire and check as well as real-time net terms at checkout; merchants get immediate payout which is always reconciled like with credit cards; and marketplaces are enabled with automated vendor disbursement, a full compliance umbrella, and reconciliation management,” according to the August press release.

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