Next-generation crypto payments company BoomFi has managed to pull in $3.8m in new seed funding to streamline payments involving crypto.
The fundraising was led by White Star Capital, demonstrating confidence in BoomFi’s promising future.
At its core, BoomFi is a crypto payment processor of the next generation, enabling businesses to readily accept cryptocurrencies across a vast array of blockchains and currencies. Businesses have access to a plethora of options, including one-time payments, recurring payments, and metered payments, in a compliant and safe environment. Their solution offers the capability to settle funds in the client’s preferred crypto wallet or bank account, seamlessly integrating fiat and crypto economies.
The freshly secured funding will drive BoomFi’s mission to redefine crypto and digital currency payments, primarily catering to web3. SaaS, eCommerce, creators, marketplaces and traditional web 2 merchants.
In the wake of a 47x increase in crypto adoption since the onset of the COVID-19 pandemic, this move by BoomFi comes at a fitting time. In 2022 alone, stablecoin settlements rocketed to an impressive $7.2 trillion. Yet, despite the evident demand for crypto, a mere 4% of merchants are currently offering this option, highlighting a gap that BoomFi aims to bridge.
BoomFi co-founder Jack Tang opined on the future of transactions, stating, “The way we pay for things and send/receive money in the future will involve crypto rails and bridging traditional and decentralised systems. But today it’s riddled with a mirage of complexities and challenges. We’re streamlining payments across various blockchains and traditional payment rails into one seamless, borderless and familiar payment experience. This funding will push us full-throttle into a world where crypto payments is the norm, not the exception.”
Notably, BoomFi’s seed round saw participation from several prominent venture capitalists, strategic investors, and industry figures. The funds will be primarily allocated to forge strategic partnerships, product development, and merchant base expansion in the burgeoning web3 sector.
Co-founded by Jack Tang, a seasoned tech entrepreneur, and Michael Si, a fintech product executive, BoomFi is on a mission to simplify crypto transactions. In the near future, the company aims to introduce crypto checkout plugins across major eCommerce, payment orchestration and billing management platforms, making crypto payments even more accessible and compliant for businesses.
Sep Alavi, General Partner at White Star Capital, commended BoomFi’s efforts saying, “BoomFi is set to spearhead the crypto payment revolution. Their unwavering commitment to streamlining crypto transactions in the payment sector aligns flawlessly with the prevailing trends. We are witnessing a significant shift towards the utility phase of blockchain technology and crypto, where goods and services seamlessly integrate, and BoomFi’s dedication perfectly captures this evolving landscape.”
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