Balanced banks additional USD2m for online payments

Secured funding for expansion

Balanced, a back-end payment service aimed at online marketplaces, has added an additional USD2m to its USD3.4m seed round (Reports StrategyEye). Andreessen Horowitz supplied the add-on capital to the round, which was led by former PayPal President, Jeff Jordan and also drew investment from Y Combinator and SV Angel.

Graduating from Y Combinator in 2011, Balanced makes it easier for sites to set up double-sided transactions as well as dealing with accounting, fraud, compliance, and currency conversion. The company, which employs 10 people in its San Francisco offices, claims to have grown by 45% over the past two months and expanded its portfolio to 112 online marketplaces.

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