The final demo to take the FinovateSpring 2012 stage was Balance Street, who demonstrated how it helps consumers and creditors benefit from delinquent debt settlements:
"Balance Street shows consumers how much their debt costs them (as well as the high costs of debt settlement companies), then provides an easy way for them to enter delinquent credit card debt, save money for settlement, and make, accept, and counter offers from creditors. It's a free, secure and easy way for consumers to settle delinquent debt that also provides creditors with critical information to help them recover more debt faster.Creditors can also benefit from making large, lump sum settlements with blocks of consumers, saving millions in customer service, mail, fax, email and money transfer costs. Furthermore, Balance Street will introduce and sell diverse metrics to the credit industry, derived from the unique transaction engine it built to help struggling consumers and overburdened creditors."
Product Launched: May 2012
HQ Location: Los Angeles, CA
Company Founded: January 2011
Metrics: Raised $250,000, 3 employees, pre-revenue, 3 registered users, 2 successful settlements. Patent filed for online consumer debt transaction engine.
Introducing Johnny Simon (Founder and CEO) and Michael Lees (Corporate Development)