U.S. fintech Balance announced on Wednesday it has officially launched its digital checkout platform specifically for B2B business. Founded in 2020, Balance describes itself as a B2B payments experience company and through its platform, any merchant, marketplace, or SaaS company that sells goods and services online and offline may now offer their buyers a wide array of payment methods and terms and get paid instantly.
Primary features and benefits of the Balance platform include:
- Consumer-Grade Business Checkout: Offers buyers a business payment experience that is as convenient as consumer checkout.
- Automatic Collection, Reconciliation, and Settlement: Offer buyers the ability to pay by check, bank wire, credit card, or ACH, and receive one consolidated payout from the Balance platform.
- Instant, Automated Financing: Offers buyers flexible terms, with instant payouts.
- Vendor Payout Control: Offers support for B2B marketplaces, service, and software companies to onboard and payout vendors automatically.
- Developer Ready: Offers Robust APIs to enrich the payments toolkit with B2B-specific payment capabilities.
While sharing more details about the platform, Bar Geron, CEO and Co-Founder of Balance, stated:
“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.”
Balance further revealed that its progress and success to date is $5.5 million in seed funding from Lightspeed Venture Partners, Stripe, Affirm, and PayPal co-founder Max Levchin of SciFi VC, Y-Combinator and UpWest. Levchin added:
“I am pleased that my partners at SciFi have chosen to support Balance as Bar and his team prepare to accelerate their go-to-market efforts. Excited for what their innovative digital checkout platform will bring to the B2B payments space.”