Partnering with a leading marketplace solution will provide a smooth and cost-effective checkout process for online buyers and sellers
NEW YORK, October 06, 2022–(BUSINESS WIRE)–Balancethe best B2B payment experience company offering the first online payment designed for businesses, today announced a partnership to integrate its payment solutions with Miracle, the industry’s first and most advanced enterprise marketplace SaaS platform. B2B market sales grew 131% to $56.5 billion in 2021, making it the fastest growing e-commerce channel in the world. Together, Libra and Mirakl will deliver a seamless payment experience for B2B marketplaces while keeping operational costs to a minimum, making it easier for B2B organizations to scale their e-commerce.
According Digital Commerce 360 B2B Market Growth and Trends Report 2022, the number of marketplaces tracked by the company quadrupled from 100 to over 400 in just three years. As more industries embrace marketplace platform models, there has been an accelerating growth in the need for marketplace-specific financial services driven by buyer expectations. While large corporate buyers are more willing than ever to spend online, they expect to see the same payment options and credit terms they’ve grown accustomed to. Although existing payment solutions were not designed for B2B e-commerce, this partnership will enable US operators to deliver frictionless shopping experiences, unlocking greater order values and accelerating growth.
“At Balance, our mission is to fully digitize B2B commerce by bringing business payments online, and our partnership with Mirakl will allow us to serve more B2B marketplaces than ever before,” said Bar Geron, CEO and co- founder of Libra. “Together with the Mirakl team, we will provide the best possible B2B payment experience for B2B marketplaces powered by Mirakl in the United States.”
Combining their strengths, Balance and Mirakl offer payment and billing capabilities specifically designed for the US B2B markets. This partnership will provide U.S. marketplaces powered by Mirakl with a range of payment solutions, including neat terms, payment method flexibility, automated accounts receivable, risk-free funding, and instant payments from fully reconciled vendors, saving marketplaces B2B the logistical and financial stress of traditional offline. methods. The result is much better experiences for buyers, suppliers, and operators while fueling more profitable and scalable market growth.
To date, Balance has helped hundreds of merchants and B2B marketplaces digitize industries such as steel, wood, and apparel. The company recently announced a $56 million Series B led by Forerunner Ventures in July 2022, bringing total funding to $86 million. Balance currently has 60 employees with offices in Tel Aviv and New York.
Mirakl offers the industry’s first and most advanced enterprise market SaaS platform. With Mirakl, businesses in B2B and B2C industries can launch marketplaces faster, grow, and operate with confidence as they exceed rising customer expectations. Platforms are the new competitive advantage in e-commerce, and the world’s most trusted brands choose Mirakl for its comprehensive technology solution, expertise and the Mirakl Connect ecosystem to unleash 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 are gaining speed, scale and agility to win in the changing e-commerce landscape. For more information: www.mirakl.com.
Founded in 2020 by PayPal alumni Bar Geron and Yoni Shuster, Balance is the leading B2B e-commerce payments company offering the first online payment with omnichannel support designed for businesses. With Libra, businesses can process any payment method, offer flexible terms, and get paid instantly, all in one place. With offices in Tel Aviv and New York, Balance has partnered with dozens of B2B marketplaces to bring traditionally offline industries like food, steel, chemicals and apparel to a model of e-commerce 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.
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