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
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG