BancBox crowdfunding API, processes USD 4 million inside three months

bancbox-logoNovember 22 – by VCPOST Staff Reporter
BancBox, a payment gateway platform somewhat similar to Stripe, has a system that allows developers to build a whole new set payment services. At the first quarter of the year, it launched BancBox Crowd (now called BancBox Invest), literally an escrow service specifically aimed at crowdfunding portals that operate on equity, debt, or revenue share models.

As of press time, 18 crowd investing platforms are using the BancBox Invest API (including 99 Funding, Angel Round Up, FilmFunder, FlashFunder, SeedInvest, and SparkMarket, among others) and has already processed USD 4 million on behalf of partner platforms. And the great part about this API, is that they don’t have any competitors, yet, on this space.

Some interesting date has been released as well with regards to its usage: The average investor funding is around USD 15,000 and the average escrow size is USD 250,000.

With all of that being said, BancBox Invest claims to be the only cloud-based, automated, independent escrow solution that ensures that Crowd Investing portals remain in compliance with FINCEN, FINRA, and SEC requirements specifically Rule 15c2-4 which covers the transmission or maintenance of payments received in connection with under writings.

BancBox was created in 2011.
Source: http://www.vcpost.com/articles/18529/20131122/bancbox-crowdfunding-api-processes-usd-4-million-inside-three-months.htm

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