We’ve raised $56M to supercharge the digitalization of B2B trade

Bar Geron
July 27, 2023
Table of contents

Today, we're excited to announce our $56 million in Series B funding

I want to start off by saying how grateful we are. Grateful to our customers, to our investors, to our wider partner network, and last but certainly not least—to our incredible team. 

Fundraising is always a humbling experience, and no more so than in the current climate. 

This fresh round of investment encompasses so many things for Balance. It both represents everything before and everything ahead. In many ways, like our customers are setting out to do, taking anything that hasn’t truly been digitalized before takes phases of growth. Iterations. This milestone represents the next phase of growth both for Balance and our ecosystem.

But from a room of 3 to an office of dozens — Yoni, my co-founder and I, have always focused on one thing: moving B2B trade online. There’s nothing in tech that can drive as much innovation as digitalizing the economy. When businesses are limited in their vendor and price choice, the entire supply chain suffers. But if buyers can choose from a pool of vendors, they can find better products at better prices. That creates competition that didn’t exist before. We see it in consumer e-commerce and we’ll see it in B2B. When competition goes up, prices go down. That’s why we set out to help entrepreneurs build marketplaces and merchants build digital storefronts.

And we’ve learned a lot along the way. Every industry from logistics, apparel, and freight to steel, chemical supplies, construction, and lumber, has taught us something new. Every B2B marketplace that has grown on our platform, we have grown with it. 

Founders that are launching their first online experiences have taught us a few things about scrappiness, about agileness, about making the economy of every vertical more and more effective.

To take on such a massive undertaking, our merchants need stability.

They need strong partners. They need dependable growth. And an antidote to offline and legacy payments. This investment will ensure that we can give that to them. It will strengthen our ability to:

* Serve all types of businesses and verticals, no matter how unique their requirements

* Continue building a team dedicated to helping B2B marketplaces grow

* Focus on cross border e-commerce

* Enable the seamless connection of digital B2B payments to our customers' systems

* Scale a B2B payment infrastructure that becomes the industry go-to

To maximize our success in helping our customers bring payments online, we will focus on integrating with more ERPs, CRMs and inventory management systems. These integrations will be essential in order to truly effect change among every corner of B2B commerce. Another strong focus will be on supporting more countries and more currencies. And of course, continuing to scale our payment capabilities in an easy, secure, and compliant way. 

All of this wouldn’t be possible if we weren’t backed by an incredible team.

At a time where markets are generating so much fear and uncertainty, we’re especially grateful for the support of our investors and our customers. With them, we’re changing how B2B trade works. That’s what energizes us on this journey. Luckily, we share that excitement—because change is never easy. But together, we have a chance to make a difference.

Bar Geron and Yoni Shuster

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