Online payments company Balanced is processing around $370 million per year

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Balanced is a payments startup company that is now hitting a volume of over $370 million per year and is working with around 440 platforms. This is growth of around eight-fold since the beginning of last year based on transaction volume and customer count, according to TechCrunch.

A similar startup called Braintree was set to process around $12 billion this year and was acquired by eBay. Balanced helped build the marketplaces and managed the payments for startups like Reddit Gifts, TheFancy, and CrowdTilt.

Balanced handled the credit card processing, fee collection, fraud prevention, and tax reporting. Balanced is open-source so outsiders help provide code to the platform and suggest ideas. Balanced raised around $3.4 million in funding from Andreessen Horowitz, SV Angel, Brian Chesky (Airbnb CEO), Ashton Kutcher, and Yishan Wong (Reddit CEO).

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