Stripe and Max Levchin back digital checkout Balance
will utilise cutting-edge digital payments and risk-assessment technology to give “any merchant, marketplace or SaaS company” the ability to sell goods online and offline, with customers liberated to choose a wide variety of transaction methods.
Pledging “no fluff, no politics”, the company’s integrated platform aims to provide a transparent service based on solid communication and close collaboration.
"B2B online payments, and ecommerce specifically, far outpace their counterparts in B2C. Yet, the digital experience lags behind, creating missed opportunities for growth," Bar Geron, CEO and co-founder, Balance.
Highlighting that offline business purchases are often made using obsolete methods that are operationally challenging and inefficient, Geron added that Balance’s principal aim is to bring the ease of credit card-based online transactions to these enterprises.
Innovating the B2B payments space
Although the company’s technology and mission are exciting, what’s equally interesting is the high-profile backing that Balance’s concept has received so far.
Features of the platform will include:
- A ‘consumer-grade’ checkout system
- A single consolidated payout, regardless of how buyers choose to transact
- Automated financing on fast and flexible terms
- Automatic payout vendor onboarding
- APIs to enrich payment capabilities
Levchin, also a partner at , commented, "I am pleased that my partners [...] have chosen to support Balance as Bar and his team prepare to accelerate their go-to-market efforts. [I’m] excited for what their innovative digital checkout platform will bring to the B2B payments space.”
Tal Morgenstern, Partner at Lightspeed, was similarly enthusiastic: "With B2B commerce on the rise, the need for a modern digital checkout is becoming increasingly urgent.
"Looking at its unique background and the progress it's made, we know [Balance is] poised to bridge this gap and become the de facto standard in B2B payments.”
With the resounding support of some of fintech’s most notable voices, all eyes should fix on Balance’s future development. This company could turn out to be one of 2021’s key digital payments innovators.
Pictured: Bar Geron and Yoni Shuster, co-founders of Balance
Source credit: Balance
NFT Marketplace Rarible Raises US$14.2m
Alongside the funding announcement, Rarible has shared that they’ve officially partnered with NBA Top Shot maker Dapper Labs to bring their NFT marketplace to Dapper’s Flow blockchain. Dapper Labs has begun building out a wider coalition of NFT platforms on its proprietary blockchain which is more energy-efficient and less costly than transactions on the Ethereum network.
“To mark this next phase, we are also proud to enter an official partnership with Flow. Dapper Labs has an impressive track record of bringing NFTs mainstream by creating native experiences for non-crypto audiences. As a blockchain, Flow enables easier access and lowers the entry barrier for traditional consumers and brands, which makes it a perfect partner on our journey to the wider adoption.
“In the coming couple of months, we will be bringing Rarible on Flow as a primary and secondary marketplace, also welcoming the robust ecosystem of projects built on Flow blockchain,” Rarible said.
According to the company, last June, 6 months post-launch, total trading volume on Rarible hit the $28,000 mark. By June 2021 it grew by a mind-blowing 3000x, reaching $150 million in total sales.
“Just as we have always been at the forefront of the NFT movement, Rarible is determined to pioneer the next wave,” the co-founder of Rarible’s marketplace and CEO Alexei Falin said. “With this company milestone, we are thankful for the support of Venrock, 01 Advisors, and Coinfund and look forward to going beyond the current enclosed crypto environment and taking NFTs into mainstream consciousness.”
In a blog post the company says they hope to use this funding to explore more user-friendly developments like accepting credit card payments. “We need a world where an indie creator can effortlessly create an NFT and sell it for $5 to his community of supporters, as well as where a pop icon can use NFTs to establish close contact with her multi-million audience in a sustainable way.”
Rarible has a lot underway in the upcoming few months, including the launch of Rarible NFT protocol, L2 solution for scalability and sustainability, credit card payments, adoption of Flow blockchain, multiple partnerships and drops, and more. Many projects are already working on integrations with Rarible protocol, such as the partnership with one-click NFT creator S!NG that allows users to mint and put their NFTs on sale with no costs involved.