B2B eCommerce payment platform Balance on Wednesday (Aug. 25) announced it raised $25 million in Series A funding.
Ribbit Capital led the fundraising round, with participation from new investor Avid Ventures and existing investors Lightspeed Ventures, Stripe, Y Combinator Continuity Fund, SciFi VC and UpWest. Other individual investors in Balance’s latest funding round include executives from Plaid, Coinbase, Square, Stripe and PayPal.
Balance will look to take a bite out of the 92 percent of B2B transactions — representing more than $2 trillion (twice the amount of eCommerce) — being done offline with smoother online checkout experiences on their sites.
“Balance is meeting this market need with the first consumer-like B2B checkout platform for merchants and marketplaces,” the company said in its announcement.
The company’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.”
“Global B2B trade being done mostly offline is resulting in high cost of living and economic inefficiencies, worldwide,” Balance Founder and CEO Bar Geron said in the company announcement. “We are at the very early innings of a massive shift from offline to online, across industries.”
He added, “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.”
Another B2B eCommerce startup, Pakistan-based Bazaar, generated $30 million in the largest Series A funding round for a company in that nation.
Early-stage venture capital firm Defy Partners and returning investor Wavemaker Partners led the round for Bazaar, with additional participation coming from Acrew Capital, Saison Capital, Zayn Capital, B&Y Venture Partners, Indus Valley Capital, Global Founders Capital, Next Billion Ventures and Alter Global and several angel investors.