Balance, an API-based checkout solution designed for B2B e-commerce, has raised $5.5 million to launch operations with backing from Lightspeed Venture Partners, Stripe, Affirm and PayPal cofounder Max Levchin.
The Israeli startup went live this week with a service enabling B2B merchants to add a checkout page to their websites with options for business customers to pay via ACH, card, wire or electronic check, Balance said in a Wednesday press release.
Balance plans to use the funds to expand its reach and workforce.
Developed by a pair of PayPal alums, Balance aims to give merchants — particularly those in the tech sector — a turnkey solution for payments collection, reconciliation and settlement, with the option to extend financing to buyers while merchants are paid instantly, the release said.
Founders include Bar Geron, CEO, who worked in risk management at PayPal for nearly three years; and Yoni Shuster, CTO, who spent five years at PayPal, rising to senior product manager, consumer product.
“The need for modern digital checkout in B2B commerce is becoming increasingly urgent,” said Tal Morgenstern, a partner at Lightspeed, in the release.
