According to the official press release, the partnership seeks to establish a one-stop shop for payment terms so that global B2B companies can extend flexible payments to customers spanning Europe and North America.
The new financing solution will purportedly feature the following:
Adaptable payment terms – The new offering will reportedly provide buyers and sellers with access to flexible financing terms similar to B2C-like BNPL products.
Technology – By leveraging their technological capabilities, Hokodo and Balance’s new solution is said to ensure speed, compliance, and reliability in assessing buyer profiles.
Global accessibility – the new product will enable B2B businesses to provide payment terms to buyers in Europe and North America alike. This comes after research by Balance and Hokodo revealed that just 16% of B2B sellers find it ‘very easy’ to offer payment terms to B2B buyers in new countries.
An API-first approach – The partnership extends modular solutions that are customised to meet the needs of merchants and marketplaces. They are also suitable for integration with pre-existing platforms and software.
Hodoko is a B2B BNPL solution provider that enables merchants to offer credit terms to their business customers.
Earlier in 2023, the company secured partnerships with BNP Paribas, Mangopay, and Fuse. What is more, the fintech revealed that it received a series B funding extension from Citi, which it intended to utilise for expansion into additional geographic areas.
B2B payments platform Balance previously launched a surcharge solution to ease credit card burdens for merchants. Also in 2023, the company expanded its global payments services for B2B marketplaces and merchants.
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