BoomFi, a next-generation payments company, has raised $3.8 million in an oversubscribed seed funding round led by White Star Capital. The company plans to use the capital to streamline crypto and digital currency payments for various types of merchants, including SaaS, eCommerce, creators, marketplaces, and traditional web 2 businesses.
The demand for crypto payments is on the rise, with stablecoin settlements reaching $7.2 trillion in 2022 and a 47x increase in adoption since the onset of the COVID-19 pandemic. However, only 4% of the 1.5 million surveyed merchants currently offer crypto payment options, despite 60% being primed to accept them. With the benefits of lower fees, instant settlements, and reduced fraud rates, there is a growing demand for user-friendly crypto payment solutions.
Co-founder of BoomFi, Jack Tang, stated that the company aims to streamline payments across various blockchains and traditional payment rails into one seamless, borderless, and familiar payment experience. The funding will help propel BoomFi into a world where crypto payments are the norm.
Notable investors in BoomFi’s seed round include White Star Capital, Passion Capital, Blockchain Founders Fund, and Kraken Ventures, among others. The funds will be used for strategic partnerships, product development, and expanding the merchant base in the burgeoning web3 sector.
BoomFi, co-founded by Jack Tang and Michael Si, is determined to simplify crypto transactions by offering an all-in-one product that supports various payment models and seamlessly integrates crypto and fiat systems.
The company provides merchants with a simple onboarding process, including no-code paylinks, low-code integrations, and fully customizable API options. In the coming months, BoomFi’s crypto checkout plugins will be available across major eCommerce, payment orchestration, and billing management platforms, making crypto payments more accessible and compliant for businesses.
BoomFi’s commitment to streamlining crypto transactions in the payment sector aligns with the prevailing trends in the utility phase of blockchain technology and crypto. The company’s dedication to solving a significant problem in the market has impressed investors and industry figures.
BoomFi plans to announce strategic partnerships in conjunction with its public beta launch in the coming months, as it prepares to onboard new merchants.
BoomFi is a next-generation crypto payment processor that enables businesses to accept cryptocurrencies across a wide range of blockchains and currencies. With options for one-time payments, recurring payments, and metered billing, BoomFi seamlessly bridges the fiat and crypto economies.