BoomFi: Revolutionising Payments with $3.8M Seed Funding
June 13, 2023
BoomFi, a London-based fintech startup, is making waves in the payments industry with its recent $3.8 million seed funding round. Led by White Star Capital, the oversubscribed funding signifies a growing interest in next-generation payment solutions. Co-founded by Jack Tang and Michael Si, BoomFi aims to simplify payments across both blockchain and traditional systems.
The company's all-in-one platform supports various payment models, including one-time payments, recurring payments, metered billing, and invoicing. By seamlessly integrating crypto and fiat systems, BoomFi provides users with a familiar and borderless payment experience.
Jack Tang emphasises the need for simplification in the payment landscape, stating, "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." BoomFi's goal is to streamline payments across different blockchains and payment rails, making crypto payments the norm rather than the exception.
The seed round attracted support from notable investors and industry figures, including Passion Capital, Blockchain Founders Fund, and Kraken Ventures. This funding will fuel strategic partnerships, product development, and expansion into the web3 sector.
BoomFi's approach to crypto payments addresses a growing demand in the market. With stablecoin settlements reaching $7.2 trillion in 2022 and a significant portion of merchants expressing interest in accepting crypto, the need for user-friendly payment solutions is evident. BoomFi's platform removes complexities associated with different chains, payment rails, and currencies, providing a seamless experience for everyday users.
Sep Alavi, General Partner at White Star Capital, believes BoomFi is poised to lead the crypto payment revolution. He notes, "Their unwavering commitment to streamlining crypto transactions aligns flawlessly with prevailing trends." As blockchain technology enters the utility phase, BoomFi's dedication to simplifying payments reflects the evolving landscape of crypto integration in goods and services.
BoomFi's focus on accessibility extends to merchants, offering simple onboarding processes and customisable API options. The company's crypto checkout plugins will soon be available across major eCommerce platforms, making crypto payments more accessible and compliant for businesses.
Tobias Bauer, Partner at Blockchain Founders Fund, commends BoomFi's track record and business acumen, stating, "It's clear BoomFi's full payment stack solution solves a big problem in the market." With strategic partnerships secured and a public beta launch on the horizon, BoomFi is poised for further growth in the coming months.
In summary, BoomFi's recent funding round underscores the growing demand for streamlined payment solutions in the crypto space. With its innovative platform and strong investor backing, BoomFi is well-positioned to drive the adoption of crypto payments and reshape the future of finance.