BoomFi Secures $3.8M Seed to Streamline Crypto Payments

BoomFi, a cutting-edge payment firm, recently declared the successful completion of its seed funding round, which raised $3.8 million. This round was oversubscribed and led by White Star Capital. The company intends to utilize the raised capital to revolutionize the realm of crypto and digital currency payments for various sectors, including web3, SaaS, eCommerce, creators, marketplaces, and traditional web 2 merchants.

BoomFi Secures $3.8M Seed to Streamline Crypto Payments

BoomFi, a pioneering payments company, has successfully completed an oversubscribed seed funding round, raising an impressive $3.8 million.

The funding round was led by White Star Capital, a prominent venture capital firm. The primary objective of BoomFi is to revolutionize the world of crypto and digital currency payments, particularly for sectors like web3, SaaS, eCommerce, creators, marketplaces, and traditional web 2 merchants.

The current market trends indicate a significant increase in the adoption of stablecoin settlements, which soared to a staggering $7.2 trillion in 2022. This represents a remarkable 47-fold surge since the onset of the COVID-19 pandemic.

A survey conducted by Worldpay and Crypto.com has revealed that a staggering 60% of 1.5 million merchants are ready to embrace cryptocurrencies, yet only 4% currently offer this payment option.

The advantages of cryptocurrencies, such as lower fees, instant settlements, and reduced fraud rates, have created a surging demand for robust and user-friendly crypto payment solutions.

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.

ack Tang, co-founder of BoomFi

BoomFi’s seed funding round attracted support from notable venture capitalists, strategic investors, and industry figures.

The list includes 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, as well as former executives from Stripe, Revolut, and Worldpay. The funds acquired will be utilized for strategic partnerships, product development, and expanding the merchant base within the rapidly growing web3 sector.

Co-founded by Jack Tang, a serial tech entrepreneur, and Michael Si, an accomplished fintech product executive, BoomFi aims to simplify and streamline crypto transactions by eliminating the complexities associated with them.

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.

Sep Alavi, General Partner at White Star Capital

The company’s comprehensive product supports various payment models, including one-time payments, recurring payments, metered billing, and invoicing. It seamlessly integrates crypto and fiat systems, ensuring a superior user experience.

BoomFi offers merchants a hassle-free onboarding process, enabling them to start accepting payments within minutes using no-code paylinks. Additionally, the company provides low-code integrations and fully customizable API options.

In the upcoming months, BoomFi’s crypto checkout plugins will be available on major eCommerce, payment orchestration, and billing management platforms as Alternative Payment Methods. This move will further enhance accessibility and compliance for businesses, facilitating crypto payments across different blockchains.

Over the past four months, BoomFi has dedicated its efforts to intensive product development and has secured strategic partnerships, which will be announced alongside its public beta launch in the coming months as the company actively onboard new merchants.

About BoomFi

BoomFi is a cutting-edge crypto payment processor that empowers businesses to seamlessly accept cryptocurrencies across multiple blockchains and currencies while ensuring compliance and security. With company’s comprehensive suite of features, businesses can effortlessly process various payment types, including one-time payments, recurring payments, metered billing, and invoicing.

The platform offers flexible options, including no-code, low-code, and SDK/API integrations. Whether you prefer settling funds in your preferred crypto wallet or bank account, BoomFi bridges the gap between traditional fiat economies and the world of cryptocurrencies, ensuring a smooth and secure transition.

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