BoomFi, a next-generation payments company, has announced an oversubscribed seed funding round of $3.8 million led by White Star Capital.
The team will use the capital from the investment round “to transform crypto and digital currency payments for web3. SaaS, eCommerce, creators, marketplaces and traditional web 2 merchants.”
BoomFi explains that it “removes the complexities of chains, payment rails, and currencies, providing a seamless and integrated experience for everyday users.”
BoomFi is “a next generation crypto payment processor, enabling businesses to accept cryptocurrencies across a wide range of blockchains and currencies in a compliant and safe manner.”
Businesses can “accept one-time payments, recurring payments, metered and invoicing available through our no-code, low-code and SDK/API options.”
You can “settle funds in your preferred crypto wallet or bank account, seamlessly bridging fiat and crypto economies.”
BoomFi is a next generation crypto payment processor, “enabling businesses to accept cryptocurrencies across a wide range of blockchains and currencies in a compliant and safe manner.”
Stablecoin settlements in 2022 boomed “to an astounding $7.2 trillion with adoption experiencing a 47x increase since the onset of the COVID-19 pandemic.”
Worldpay and Crypto.com’s survey “reveals a whopping 60% of 1.5 million merchants are primed to accept crypto, yet only 4% are currently offering this option.”
With crypto’s benefits of lower fees, instant settlements, and “reduced fraud rates, demand for robust, user-friendly crypto payment solutions is surging.”
Jack Tang, co-founder of BoomFi, said:
“The way we pay for things and send/receive money in the future will involve crypto rails and bridging traditional and decentralized 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.”
BoomFi’s seed round “drew backing from notable venture capitalists, strategic investors, and industry figures, including White Star Capital, Passion Capital, Blockchain Founders Fund, Kraken Ventures, GSR, Aquanow, Mantle Network, founders from Moonpay, Ramp Network, Transak, Layer Zero, The Giving Block and former execs from Stripe, Revolut and Worldpay.”
The funds will be “used for strategic partnerships, product development, and expanding the merchant base in the burgeoning web3 sector.”
Co-founded by serial tech entrepreneur Jack Tang and fintech product executive Michael Si, BoomFi is determined “to erase the complexities traditionally associated with crypto transactions.”
BoomFi’s all-in-one product “supports a vast array of payment models including one-time payments, recurring payments, metered billing and invoicing, and seamlessly integrates crypto and fiat systems, ensuring a superior user experience.”
BoomFi offers merchants “a simple and fast onboarding process, with no-code paylinks to get going in minutes, low-code integrations, and fully customizable API options.”
The company’s crypto checkout plugins “will be available across major eCommerce, payment orchestration and billing management platforms in the coming months as Alternative Payment Methods, making crypto payments across blockchains even more accessible and compliant for businesses.”
Sep Alavi, General Partner at White Star Capital, said:
“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.”
Tobias Bauer, Partner at Blockchain Founders Fund, said:
“We are deeply impressed by the proven track record and business acumen shown by the BoomFi team. Validated by such promising early traction, it’s clear BoomFi’s full payment stack solution solves a big problem in the market.”
BoomFi has spent “the past four months in intensive product development and has secured strategic partnerships, to be announced in conjunction with its public beta launch in the coming months as it ramps up onboarding new merchants.”