Unlike other Spanish explorers and conquistadors, Vasco Nunez de Balboa was not the leader of an expedition and was not financed by royalty when he first went to the New World. Instead, he joined an expedition in 1500 led by Rodrigo de Bastidas and received a share of earnings from Bastidas as a member of his team. They explored the coast of present-day Columbia and then went to the island of Hispaniola.
As a planter and pig farmer on Hispaniola, Balboa got into debt. He stowed away on a ship bound for the coast of Columbia. When he was discovered, the captain's first impulse was to abandon Balboa on a deserted island, but he eventually brought him to the colony of San Sebastian. Balboa helped some of the men win a victory over natives in the region of Darien, and when they defeated them, they plundered the native settlement and found numerous gold ornaments.
Balboa eventually became mayor of the new settlement, which was named Santa Maria la Antigua del Darien. After much political maneuvering with rivals, Balboa became governor of Veragua in 1511. As governor, Balboa continued raiding the villages of the local natives, gathering more gold in the process. He did not earn this gold as pay, though, but took it by force. His colony also received some supplies from Hispaniola and also from Spain.
In 1513, Balboa wrote to the King of Spain asking for men, weapons, and supplies to build a fleet of ships for further exploration. While waiting for an answer, he heard of another sea and natives with a vast wealth of gold on its shores. With a group of men and some native guides, Balboa crossed the Isthmus of Panama. From a mountain peak, he saw the Pacific Ocean and claimed the lands on all its shores for the King of Spain.
When Balboa got back to Santa Maria, he and his men brought a treasure of gold and pearls. He sent news of his discoveries and a portion of the treasure to the King. A large fleet of 17 ships and 1,500 men arrived from Spain, but Balboa was deposed as mayor and governor.
The new governor, Pedrarias Davila, gave Balboa some men and materials to build ships and explore a small area of the Pacific Coast, but when Balboa returned, Pedrarias had him arrested and beheaded in 1519.
In conclusion, we can see that Balboa was first paid by Bastidas, then made his living as a pig farmer, then accumulated wealth by warring with natives and seizing gold and other treasures, and finally, near the end, received some supplies from the King of Spain and Pedrarias.
https://www.biography.com/explorer/vasco-nunez-de-balboa
https://www.history.com/topics/exploration/vasco-nunez-de-balboa
Balboa is most famous for being the first Spaniard to reach the Pacific Ocean by crossing the Isthmus of Panama. Born in Spain, he belonged to a noble family that had become cash-poor, and, as a result, he sought to make a fortune in the New World like many of his fellow conquistadores.
His initial voyage with Don Rodrigo de Bastidas explored the coast of what is today Colombia and Venezuela, and they actually discovered what is now modern-day Panama in the process. This voyage was financed by the Spanish crown.
Eventually, however, Balboa settled in Hispaniola, only to leave for Panama because he saw opportunity for riches in the failing settlement (in Panama) of San Sebastien. After emerging to prominence, and creating a new settlement called Darien in Panama, Balboa set off through the dense rain forests to explore the western regions of the isthmus. This expedition took almost two months and involved several dozen Spaniards and hundreds of Native people. Balboa, eager to earn more riches, financed it himself.
This risk paid off, as he encountered what was then known as the "South Sea," (i.e., the Pacific Ocean), and he became the governor of Panama. Eventually, he was executed amid rivalries and infighting—which often characterized Spanish colonial politics—but in the short term, his self-financed expedition through the jungle earned him fame and power.
https://exploration.marinersmuseum.org/subject/vasco-de-balboa/
Vasco Nunez de Balboa led the first European expedition to the Pacific Ocean. One of the more remarkable parts of his story is that he did so with relatively little outside support and funds. His 1513 expedition across the Isthmus of Panama was carried out on a shoestring budget and was predominantly funded by himself.
Balboa had indeed requested funding from the authorities of Hispaniola. However, his rival, Fernández de Enciso, who Balboa had previously usurped as mayor of Santa Maria in Panama, had beat him there. Enciso had informed colonial leaders of Balboa's power grab in Panama and was in the process of bringing charges against him. As a result, Balboa found no support in Hispaniola. He therefore sent his comrade, Enrique de Colmenares, to Spain to make a case for funds. Unfortunately for Balboa, Spanish authorities were already aware of Enciso's case against Balboa and were making moves to have him replaced. He would find no support from Spain.
As a result, Balboa's expedition was funded by himself. Using only what resources he had on hand in Panama, including ten native canoes and one small ship, he set out on September 1, 1513, with 190 Spaniards and a handful of natives to cross the Isthmus of Panama.
In short, Balboa's "discovery" of the Pacific Ocean received no official funding from any government or patron. His unpopularity in Spain and Hispaniola meant that no one would back him financially on his voyage. Therefore, he used only the limited resources he had available when he and his men set out to find the Pacific Ocean.
https://www.gutenberg.org/files/34802/34802-h/34802-h.htm
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