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Balance Announces Partnership with Mirakl to Power Seamless Online Payment Experience for B2B Marketplaces
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Balance has partnered with Mirakl to enhance B2B payment processes, facilitating a smoother, cost-efficient payment experience for online buyers and vendors. With B2B marketplace sales skyrocketing by 131% to $56.5B in 2021, the partnership aims to meet increasing buyer expectations and streamline financial services tailored for B2B transactions. Balance has already supported over 300 merchants and is focused on digitizing industries like steel and apparel.
Positive
Partnership with Mirakl enhances B2B payment solutions, targeting a rapidly growing market.
B2B marketplace sales increased 131% in 2021, indicating strong demand for digital payment solutions.
Balance has raised $56M in Series B funding to expand its services.
Negative
None.
Partnership with leading marketplace solution will provide smooth, cost efficient payment process for online buyers and vendors
NEW YORK--(BUSINESS WIRE)--
Balance, the top B2B payments experience company offering the first online checkout built for businesses, today announced a partnership to embed its payments solutions with Mirakl, the industry’s first and most advanced enterprise marketplace SaaS platform. B2B marketplace sales increased 131% to $56.5B in 2021, designating them as the fastest growing eCommerce channel in the world. Together Balance and Mirakl will offer a seamless payment experience for B2B marketplaces while keeping operating costs at minimum, making it easier for B2B organizations to scale their eCommerce.
According to Digital Commerce 360’s 2022 B2B Marketplaces Growth and Trends Report, the number of marketplaces the company tracks has quadrupled from 100 to over 400 in just three years. As more and more industries embrace marketplace platform models, there has been an acceleration of growth in the need for marketplace-specific financial services driven by buyer expectations. While large corporate buyers are more willing than ever before to spend online, they expect to see the same payment options and credit terms to which they’ve grown accustomed. While existing payment solutions were not designed for B2B eCommerce, this partnership will empower US operators to deliver frictionless buying experiences, unlocking larger order values and accelerating growth.
“At Balance, our mission is to fully digitize B2B trade by bringing business payments online, and partnering with Mirakl will allow us to serve more B2B marketplaces than ever before,” said Bar Geron, CEO and co-founder of Balance. “Together with the Mirakl team we will provide the best B2B payments experience possible for Mirakl-powered B2B marketplaces in the US.”
By combining forces, Balance and Mirakl are delivering payment and invoicing capabilities purpose-built for American B2B marketplaces. This partnership will provide US Mirakl-powered marketplaces with a range of payment solutions including net terms, payment method flexibility, automated accounts receivables, risk-free financing, and fully reconciled instant vendor payouts, saving B2B marketplaces the logistical and financial stress of traditional offline methods. The result is far better experiences for buyers, vendors, and operators while fueling more profitable, scalable marketplace growth.
To date, Balance has supported hundreds of B2B merchants and marketplaces to digitize industries like steel, lumber, and apparel. The company recently announced a $56M Series B led by Forerunner Ventures in July 2022, bringing total funding to $86M. Balance currently has 60 employees with offices in Tel Aviv and New York City.
About Mirakl
Mirakl offers the industry's first and most advanced enterprise marketplace SaaS platform. With Mirakl, organizations across B2B and B2C industries can launch marketplaces faster, grow bigger, and operate with confidence as they exceed rising customer expectations. Platforms are the new competitive advantage in eCommerce, and the world's most trusted brands choose Mirakl for its comprehensive solution of technology, expertise, and the Mirakl Connect ecosystem to unlock the power of the platform business model for them. As a result, companies like ABB, Astore by AccorHotels, Best Buy Canada, Carrefour, Catch, Changi Airport, Darty, The Kroger Co., Leroy Merlin, Maisons du Monde, Metro, and Toyota Material Handling gain the speed, scale, and agility to win in the changing eCommerce landscape. For more information: www.mirakl.com.
About Balance
Founded in 2020 by PayPal alums Bar Geron and Yoni Shuster, Balance is the top B2B eCommerce payments company offering the first online checkout with omni-channel support built for businesses. With Balance, companies can process any payment method, offer flexible terms, and get paid instantly — all in one place. With offices in Tel Aviv and New York City, Balance has partnered with dozens of B2B marketplaces to shift traditionally offline industries like food, steel, chemicals and apparel to an eCommerce model that resembles B2C. Balance has over 300 merchants, marketplaces and customers combined, including notch, Everywhere Apparel, Bryzos, Felux, Vallourec and more, as well as partnerships with Shopify Plus, Fabric and Magento.
