In 2012, BancBox launched a payments platform similar to that of stripe – enabling developers to build all sorts of payment services. In April 2013, BancBox launched its BancBox Crowd, an independent escrow service that provides online investment portals with an automated escrow solution that can replace the manual paper escrow process.
BancBox is based out of San Mateo, California and was founded in 2008. The management team includes Sanj Goyle (CEO), Praveer Kumar, Vineet Mathur and Bill Wilson. The company has raised over $11 Mn in funding, including $6 Mn in 2009 through Floodgate, Baseline Ventures, Founder Collective and Harrison Metal Capital.
This video gives you an overview of BancBox:
About their platform:
- The bancbox APIs allow applications and extended business logic to be crafted from our core functionality.
- All major payment methods are supported, including credit card processing, ACH debits, electronic bill payments, physical checks, and more.
- Standard pricing for successful escrow is 0.5% of the escrow with a floor of $250 and a cap of $2,500. Non-successful escrows have a nominal fee, and there are no fees for funds into or out of an escrow.
“The idea is to provide a payment back-end that works like Amazon Web Services, allowing developers to concentrate on their products without having to think about the payment integration details,” said Sanj Goyle. “In essence, BancBox is integrating with banks so its developer clients don’t have to.” BancBox says that it manages $100 Mn in consumer deposits in nearly 200,000 individual accounts.
The BancBox Crowd service provides online investment portals with an automated & independent escrow solution, hastening the manual paper escrow process. It also ensures that portals remain in compliance with FINCEN, FINRA and SEC requirements.
“The services provided by BancBox crowd have been instrumental in developing a seamless investment platform for our clients,” said Jim Dowd, MD of Evisor Inc.( Operates the 99Funding platform). “The BancBox team has provided extensive support and their industry experience gives us and our clients security and confidence as we develop this new investment market,” he added.
“We are excited by the potential crowdfunding holds for investors, entrepreneurs and the startup community, and we are proud to be playing a critical role in enabling this industry to blossom,” said Sanj Goyle, CEO of BancBox. “With our deep payments expertise and experience we can help ensure this happens securely and in full compliance with all regulations.”