Balance, an Israeli business to business fintech startup, raised $25 million in its Series A round led by Ribbit Capital, a fund that has previously invested in Israel’s Next Insurance, as well as in Robinhood, Coinbase, and others. This brings the company’s total funding to date to $30.5 million.
One of Balance’s investors is the American fintech firm Stripe. Calcalist pointed out how this is odd given that Stripe is a competitor of Balance’s. But Stripe also cooperates with Balance as an investor and consultant.
Fintech is a term which refers to any new tech that assists with money transfers. It could be something designed for the use of banks, or a program that assists businesses in collecting payments.
Founded in 2020 by CEO Bar Geron and VP of Development Yoni Shuster, Balance is a B2B payments experience company offering the first online checkout built for businesses. Balance states that its tech allows companies to process “any payment method, offer flexible terms, and get paid instantly — all in one place.” Out of the company’s 25 employees, 21 currently work in Israel. Geron and Shuster met one another while working for PayPal.
“Creating a seamless and scalable payment experience for you, your vendors and your buyers – while keeping you out of the funds flow.”
Balance boasts that it allows their customers a breathtaking buyer experience, net terms and payment method flexibility, instant vendor payouts (fully reconciled) , “all while getting full marketplace compliance and receivables management, hassle free.”
Geron told Calcalist, “all trade between businesses in the world is undergoing a process of digitization. To date, these processes have been offline. The world has been based on personal relationships, but five years ago many companies decided to set up dedicated websites that would allow them to make purchases from different suppliers. However, the means of purchase has not changed, it remains mostly credit cards. But there are a lot of transactions that are not done with credit and there are a lot of other means. We have built the first experience for businesses’ e-commerce payments. We allow businesses to accept other businesses’ payments similar to e-commerce but with the same variety of methods that exist in this world.”