BoomFi Raises $3.8M in Seed Funding Led by White Star Capital

BoomFi Raises $3.8M in Seed Funding Led by White Star Capital

Time Stamp: June 12, 2023 11:12 PM
Source Node: 2722304

BoomFi, a next-generation payments company, has raised $3.8 million in a seed funding round led by White Star Capital. They aim to revolutionize crypto and digital currency payments for various sectors, offering user-friendly solutions with lower fees and instant settlements.

BoomFi: Paving the Way for Crypto Payments to Go Mainstream

BoomFi, a payments company focused on crypto and digital currency payments, has raised $3.8 million in a seed funding round led by White Star Capital. The company aims to revolutionize crypto payments for various sectors, including SaaS, eCommerce, creators, marketplaces, and traditional web 2 merchants. The demand for user-friendly crypto payment solutions is growing due to the benefits of lower fees, instant settlements, and reduced fraud rates associated with cryptocurrencies.

BoomFi intends to simplify crypto transactions by bridging traditional and decentralized systems. Their goal is to create a seamless, borderless, and familiar payment experience that integrates payments across different blockchains and traditional payment rails. The recent funding will accelerate their mission of making crypto payments the norm.

The seed round attracted support from notable venture capitalists, strategic investors, and industry figures, including White Star Capital, Passion Capital, Blockchain Founders Fund, and executives from Stripe, Revolut, and Worldpay. The funds will be utilized for strategic partnerships, product development, and expanding the merchant base in the web3 sector.

Co-founded by Jack Tang and Michael Si, BoomFi aims to eliminate the complexities associated with crypto transactions. Their all-in-one product supports various payment models, seamlessly integrating crypto and fiat systems to provide a superior user experience. Merchants can easily onboard with no-code paylinks, low-code integrations, and customizable API options.

BoomFi plans to offer crypto checkout plugins across major eCommerce, payment orchestration, and billing management platforms in the near future. These plugins will make crypto payments more accessible and compliant for businesses, enabling transactions across different blockchains.

Investors such as White Star Capital and Blockchain Founders Fund are confident in BoomFi’s ability to spearhead the crypto payment revolution. They believe the company’s dedication to streamlining crypto transactions aligns well with the evolving landscape of blockchain technology and crypto.

After four months of intensive product development and securing strategic partnerships, BoomFi is preparing for its public beta launch in the coming months. During this phase, BoomFi said that it will focus on onboarding new merchants and unveiling their partnerships.

Read Also: Magic Raises $52M in Funding Round Led by PayPal Ventures

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