Raúl Horacio Balbi, known as "Pepe," was born on October 7, 1973, in Moreno, Buenos Aires, Argentina. Standing at 5 feet 7 inches with a reach of 67 inches, he fought in the lightweight division with an orthodox stance. Balbi made his professional debut in Mercedes, Argentina, on November 19, 1993, securing a first-round knockout against Juan Bautista Sosa.
Balbi faced numerous world-class opponents throughout his career and participated in several significant bouts. On February 22, 1997, he challenged Artur Grigorian for the WBO Lightweight Title in Hamburg, Germany, but suffered an eleventh-round technical knockout loss.
Balbi's perseverance paid off on October 8, 2001, when he captured the WBA World Lightweight Title by defeating French champion Julien Lorcy in Paris. He opened a cut above Lorcy's right eye in the third round and scored a knockdown in the seventh, ultimately winning by majority decision.
Balbi faced Leonard Dorin in San Antonio, Texas, in his first title defence on January 5, 2002. After a closely contested twelve-round battle, Dorin emerged victorious by split decision. A rematch took place on May 31, 2002, in Bucharest, Romania, where Dorin won by unanimous decision, leading to Balbi's loss of the title.
Balbi continued to compete at a high level, earning a shot at the vacant WBA Light Welterweight Title against Souleymane M'baye on September 2, 2006, in Bolton, United Kingdom. Balbi was knocked down twice despite his efforts and lost by fourth-round technical knockout.
After a series of bouts, Balbi's final professional fight was against Franklin Mamani on May 28, 2010, in La Paz, Bolivia. The match ended in a technical draw after three rounds due to an accidental head clash.
Over a career spanning nearly 17 years, Balbi compiled a professional record of 55 wins (38 by knockout), 11 losses, and 2 draws.