Dive Brief:

• Peer-to-peer payments platform Balanced announced it is shuttering and will transition its customers to Stripe. 
• The startup's dashboard will be taken offline June 11, 2015, and Balanced will continue to manage refund, query, and chargeback activity through Oct. 9. 
• Balanced’s more than 300 customers included sites such as Artsy, Tilt, RedditGifts, RelayRides, and Tradesy. 

Dive Insight:

Cofounder Matin Tamizi announced that peer-to-peer payments platform Balanced will shut down June 11 after failing to achieve the growth necessary to continue as an independent operation. Rival firm Stripe will absorb Balanced’s 320 clients, honoring existing pricing agreements.

While the platform’s launch was promising, Balanced’s approximately $370 million in processing was ultimately no match for Stripe, which now handles billions of dollars per year for businesses in 18 countries, much less Amazon Payments or PayPal.

A product of the Y Combinator incubator, Balanced appears to have peaked early last year with about 450 customers, shortly before winning $3.4 million in venture funding from backers such as Airbnb CEO Brian Chesky and Ashton Kutcher.