Balance, an Israeli business to business fintech startup founded by PayPal veterans, raised $56 Million in a Series B financing round led by Forerunner. Balance has now raised a total of $87 million in funding to date.
The raise for Balance comes at a time when Israeli companies have been contracting, making many layoffs.
Fintech is a term that 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.
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It makes sense that a fintech firm like Balance can still bring in big investments, in spite of the current state of the markets worldwide. Services that help businesses bring in customers and make more sales will always be in demand, especially at times of recession when sales are down.
Founded in 2020 by PayPal alums 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 its customers a breathtaking buyer experience, net terms and payment method flexibility, and instant vendor payouts (fully reconciled), “all while getting full marketplace compliance and receivables management, hassle free.”
“During my work at PayPal, I realized that the potential of payments in e-commerce is far from being utilized,” said Bar Giron. “We are in the midst of the fourth industrial revolution, which will take global commerce to the Internet and create for the first time a truly sophisticated market. By 2025, 30% of payments are expected to go online. We are proud to be a leading factor in this revolution, to change centuries-old systems and bring them into the modern age through the power of digitization. All the efficiency we are doing in the field of trade is a net contribution to reducing product prices and the cost of living around the world.”
“From my time at PayPal, I realized no one was tapping into the opportunity to unlock the potential of B2B eCommerce and marketplace payments,” he added. “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.”