Fintech startup, Balance, raises $25 mn for its B2B payment platform

admin / August 29, 2021 / Fintech, Global, NewCrop, Startups

Tel Aviv-based digital payments startup, Balance, raises Series A investment round worth $25 million. 

“We want to make the online payments experience for businesses as seamless as it is for consumer payments, and we want to do it globally,” Co-founder at Balance, Bar Geron said, as reported by TechCrunch. 

The startup was founded by Geron and Yoni Shuster and has raised total funding worth $30.5 million since its founding. Balance focuses its fintech services and platform towards the B2B sector and platforms which involve payments in order to increase efficiency. 

“We have a very robust API platform so that these businesses can manage the entire payment flow without being exposed to the risk and regulation of payments,” Geron said to TechCrunch. “And this is all happening without them even touching the funds.”

Since the company’s founding in 2020, Balance has grown to a team of 30 employees, so far.

Investors in the round include Ribbit Capital, Avid Ventures, Lightspeed Ventures, Stripe, Y Combinator Continuity Fund, SciFi VC, UpWest, and Jaqueline Reses, among other participants. 

The startup has a second office in New York and sees companies such as Banner, Coralogix, Bryzos, Double Robotics,  Bay Supply, and Notch, among others as part of its customer base. 

“The only element that keeps many merchants offline is payments,” Geron said, TechCrunch reported. “It’s a process that is stuck in the flow of those marketplaces and keeping them from scaling. We got fascinated with the problem.”

(Picture courtesy: Balance)

 

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