Balance, which hand B2B marketplace and eCommerce payments, has raised $56 million in a Series B round, bringing the company's total funding to $87 million, the company announced Tuesday.
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Balance replaces the outdated method of B2B payments with a self-serve, online experience that closely resembles B2C. Since launching in February 2021, Balance has supported hundreds of B2B merchants and marketplaces, growing its customer base by a factor of 10.
The round was led by Forerunner with support from Salesforce Ventures, Hubspot Ventures, Lyra Ventures, and Gramercy Ventures. Notable leaders in B2B eCommerce also participated in the round 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. Balance will use this funding to expand its offerings to new, global eCommerce platforms and enable B2B merchants to grow their digital revenue.
"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."
