Balanced, a San Francisco, CA-based developer of payments and fraud solution for marketplaces and networks, closed a $3.4m seed funding round.
Backers included Andreessen Horowitz via general partner Jeff Jordan, former president of PayPal, and Collaborative Fund, which joined Y Combinator, SV Angel, Airbnb CEO Brian Chesky, reddit CEO Yishan Wong, Ashton Kutcher, and over a dozen angel investors including Ronnie Cheng who built chargeback processing for Facebook, Justin Mitchell, who built infrastructure for Facebook photos, and Yun-Fang Juan, who wrote ad serving algorithm for Facebook (Click here to see the complete list of investors)
The company intends to use the capital to continue to develop its payments solution.
Founded in 2010 by CTO Mahmoud Abdelkader, CTO Matin Tamizi and Jareau Wade, Balanced is white-labeled payments API and web-based dashboard. They offer two products: Balanced Payouts and Balanced Processing, which can be coupled. Beyond marketplaces and ad networks, the company’s solutions can be used for any type of e-commerce model.