US-based fintech start-up Balance has announced the launch of four new product suites for its customers.
The new products cater towards facilitating digital trade credit, including enabling quicker buyer approval for terms, integrated checkout application, invoice payments and more; B2B payments, accounts receivables management including accounts payable tools for buyers, automatic reconciliation and dashboard reporting; and an operating system (OS) for marketplaces, covering everything from payouts to financing.
Founded in 2020 and headquartered in New York, Balance operates a digital payments platform specifically for B2B online purchases. The company last raised $350 million as part of a debt financing round in December 2023, according to Crunchbase. It claimed to have a transaction network of more than 100,000 business buyers and over 13,000 vendors. Balance added that its checkout volume went up 10x in 2023.
“Balance’s suite launch addresses the full range of challenges that businesses selling online face today, from underwriting SMBs for net terms to globally and instantly paying out suppliers,” the company explained on its website.
The company added that with the launch, it aims to address “the challenge of B2B payments with a holistic and adaptable transaction cycle solution” for B2B brands, distributors and marketplaces.