There are many companies bringing one-click checkout to the direct-to-consumer marketplace, but few are developing similar tools for the business-to-business marketplace. B2B payment volume is five times the size of business-to-consumer retail payments, yet much of those payments are not being done online.
That’s where Balance comes in. The company, co-founded by former PayPal employees Bar Geron and Yoni Shuster, supports B2B e-commerce merchants and marketplaces by digitizing those capabilities through one-click checkout payment tools so companies can get paid instantly, process any payment method and offer flexible terms.
We profiled the two-year-old company last year when it raised $25 million in Series A funds, led by Ribbit Capital. Now Balance is back with $56 million in Series B funding, this time led by Forerunner. The new investment gives the company $87 million in total funding raised to date.
“For years, the consumer has led the charge in modernizing how we transact, but innovation in B2B commerce has lagged far behind the B2C space,” said Kirsten Green, founder and managing partner at Forerunner, in a written statement. “There is incredible potential to modernize wide-ranging aspects of how B2B commerce is conducted in the digital age, and the market opportunity is enormous — only 7% of the $120 trillion B2B payment volume is conducted digitally today.”
Joining in on the new round are Salesforce Ventures, HubSpot Ventures, Lyra Ventures, Gramercy Ventures and a group of B2B e-commerce leaders as angel investors, including former Shopify CMO Jeff Wisener and Faire co-founder and CTO Marcelo Cortes. Ribbit, as well as other existing investors Lightspeed Ventures, Avid Ventures, Upwest and Jibe, also participated in the Series B.