Balance and Mirakl partner to power online payment experience for B2B marketplaces
By Edlyn Cardoza
Balance, the top B2B payments experience company offering the first online checkout built for businesses, announced a partnership to integrate its payments solutions with Mirakl, the leading enterprise marketplace platform. B2B marketplace sales increased 131% to $56.5 billion in 2021, designating them as the fastest-growing e-commerce channel in the world. Partnering with Balance will allow Mirakl to offer a seamless payment experience for its B2B customers while keeping operating costs at a minimum, making it easier for marketplaces to conduct trade via e-commerce.
Mirakl is the industry’s first and most advanced marketplace SaaS platform offering API-based solutions that allow brands and retailers to grow their enterprise marketplaces at scale. Founded in 2012, Mirakl provides advanced features for B2B and B2C companies, including automated and self-service seller onboarding, 3P catalogue ingestion/harmonisation, automatic seller quality management and advanced financial flows. Through Mirakl, operators can easily scale to thousands of sellers and enjoy features made available for different types of business models.
“At Balance, our mission is to fully digitise B2B trade by bringing business payments online, and partnering with Mirakl will allow us to serve more B2B marketplaces than ever before,” said Bar Geron, CEO and co-founder of Balance. “We are very excited to work with the Mirakl team and provide the best B2B payments experience possible for their customers.”
This partnership will provide Mirakl’s customers with a range of payment solutions, including net terms, payment method flexibility, and fully reconciled instant vendor payouts, saving B2B marketplaces the logistical and financial stress of traditional offline methods. By combining forces with Balance, Mirakl can expand its business offerings and help marketplace sellers meet the demands of their customers.
According to Digital Commerce 360’s 2022 B2B Marketplaces Growth and Trends Report, the number of marketplaces the company tracks has quadrupled from 100 to over 400 in just three years. Partnering with Balance will allow Mirakl’s customers to operate using fully automated A/R, risk-free financing, and API-integrated solutions. Users can also leverage any payment method and pay for orders using net payment terms customised for their specific business needs.
Balance has supported hundreds of B2B merchants and marketplaces to bring archaic industries like steel, lumber, and apparel online. 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 City.
IBSi Daily News Analysis
December 05, 2022
Banks must keep up with Gen Z’s high expectations, thanks to NeobanksRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage