BoomFi Raises $3.8M in Oversubscribed Seed Funding Round to Revolutionize Crypto Payments

Innovative payments business BoomFi has completed a $3.8 million oversubscribed seed financing round, with White Star Capital serving as the main investor. With a focus on a broad spectrum of retailers, including web3 SaaS, eCommerce, creators, marketplaces, and traditional web 2 enterprises, the company hopes to use the funding to transform the world of crypto and digital currency payments.

Stablecoin settlements reached a staggering $7.2 trillion in 2022, according to a study by Worldpay and Crypto.com, a remarkable 47-fold growth since the beginning of the COVID-19 pandemic. The study also shows that 60% of the 1.5 million surveyed businesses are prepared to accept cryptocurrency payments. But only 4% of businesses presently provide this choice. There is a growing need for reliable and user-friendly crypto payment solutions due to the benefits of crypto, like lower fees, instant payouts, and decreased fraud rates.

BoomFi’s Co-founder, Jack Tang, emphasizes the need to bridge traditional and decentralized systems in the future of payment transactions. He states, “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 drive us toward a future where crypto payments are the norm, rather than the exception.”

Notable Backers and Strategic Vision Position BoomFi for Success

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 executives from Stripe, Revolut, and Worldpay were among the notable venture capitalists, strategic investors, and business leaders who participated in BoomFi’s seed funding round. The money will help the company build strategic alliances, new products, and a larger customer base in the booming web3 market.

BoomFi, a finance startup founded by serial entrepreneur Jack Tang and product executive Michael Si, promises to simplify the difficulties currently present in crypto transactions. A variety of payment formats, including one-time payments, recurring payments, metered billing, and invoicing, are supported by the company’s comprehensive solution. It offers users a better payment experience by smoothly integrating crypto and fiat systems.

BoomFi guarantees a quick and easy onboarding process for merchants by providing fully customisable API options, low-code integrations, and no-code paylinks to get started in a matter of minutes. The business intends to make its cryptocurrency checkout plugins, which act as Alternative Payment Methods, accessible across major eCommerce, payment orchestration, and billing management systems in the upcoming months. For companies looking to accept cryptocurrency payments across several blockchains, this action will improve accessibility and compliance.

BoomFi has the potential to be a pioneer in the crypto payment revolution, according to Sep Alavi, General Partner at White Star Capital. Alavi states, “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.”

This attitude is echoed by Tobias Bauer, Partner at Blockchain Founders Fund, who also expresses his enthusiasm for BoomFi’s track record and commercial savvy. Bauer states, “Validated by such promising early traction, it’s clear BoomFi’s full payment stack solution solves a big problem in the market.”

BoomFi is prepared to launch its public beta and announce its partner relationships in the coming months after four months of intensive product development and partnership securing. The business is committed to streamlining cryptocurrency payments and bringing on new merchants as it helps to shape the way payments are made in the future.