Previously known as PoundPay, Balanced was Co-Founded by Matin Tamizi (CEO) and Mahmoud Abdelkader (CTO) in October 2010. The company has received a total funding of $3.5 Mn through investors SV Angel, Brian Chesky, Yishan Wong (Reddit CEO), Yun-Fang Juan, Josh Abrams, Collaborative Fund, Ronnie Cheng, Justin Mitchell, Nick Bilogorsky, Y Combinator, Andreessen Horowitz and Ashton Kutcher.
Balanced is white-labeled web-based dashboard & payments API. It is a payment system designed for marketplaces from the scratch. The company offers two products - Balanced Processing and Balanced Payouts. It’s solutions can also be used for any type of e-commerce model beyond marketplaces and ad networks.
- Balanced works for both sides of a marketplace transaction.
- It provides card processing, fee collection, escrow funds, fraud prevention and tax reporting on the collections side.
- Balanced marketplace model offers a way for companies to quickly make payments to the sellers that provide goods and services through their platforms.
- This includes next business-day funds delivery through direct bank deposits to marketplace sellers.
As for Pricing:
Over 150 companies tested out Balanced’s beta program. Companies such as Kitchit, TheFancy, CrowdTilt, Zaarly, Copious, Visual.ly and redditgifts are some of its partners. In February 2013, Balanced added sameday ACH payouts to Wells Fargo customers.