BoomFi raises $3.8M Seed to lead the charge in crypto payments for the utility era

BoomFi raises $3.8M Seed to lead the charge in crypto payments for the utility era

August 23, 2023
Jack Tang (Left) and Michael Si (Right), co-founders of BoomFi

Dear friends,

Today, we're thrilled to announce that we’ve successfully raised $3.8M led by White Star Capital and joined by Passion Capital, Blockchain Founders Fund, Kraken Ventures, GSR, Aqua Now, Mantle Network, founders from Moonpay, Ramp Network, Transak, Layer Zero and former & current execs from Stripe, Revolut, Shift4 and Worldpay.

BoomFi is a payment processing platform for digital currencies. We’re streamlining payments across various blockchains and traditional payment rails into one seamless, borderless and familiar payment experience for businesses and merchants. This funding will push us full-throttle into a world where crypto payments are the norm, not the exception.

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.

The world of cryptocurrency is entering a new stage, shifting from speculative use cases to the utility era. In 2022, over 420 million crypto wallets transacted and settled over $7.2 trillion worth of cryptocurrencies, 3.6 times more than Mastercard and Amex combined. However, the next major challenge for digital currencies is merchant adoption. While over 60% of 1.5 million merchants surveyed by and Worldpay would accept crypto for their products and services, the barriers to adoption have hindered progress for the past decade.

That's why we founded BoomFi, with the goal of enabling a million businesses and merchants to accept digital currencies by 2028. Our platform offers a suite of solutions that enables businesses to accept payments for any pricing model, whether it's a one-time payment, checkout, recurring payment, metered, or invoice. Using BoomFi, businesses can accept cryptocurrencies across any chain and a wide range of tokens, using a range of no-code pay links, low-code widgets, and SDK/API solutions. Crucially, businesses will be able to choose to settle their payments in crypto or fiat in real-time, efficiently bridging the gap between the two methods.

BoomFi merchant dashboard

We believe that businesses of all types should be able to accept and pay with cryptocurrencies seamlessly and effortlessly. Our platform is designed to cater to individual businesses with no technical background, technologically capable businesses looking to integrate BoomFi into their own branded experience, and developers looking to embed crypto payments capabilities into their product. Businesses can easily settle all their payments in their preferred cryptocurrency and network or settle in fiat to their bank account at the lowest price possible.

At BoomFi, we're committed to compliance and security. All transactions are screened as part of our transaction monitoring efforts to combat anti-money laundering (AML) and counter-terrorism financing (CTF), helping you navigate this fast-evolving world while staying compliant. BoomFi is a fully self-custody solution, ensuring that businesses always hold control over their funds.

We're excited to support the next generation of businesses and builders in the crypto space. Our flexible payments solution is the only one you'll need to get paid from your customers, regardless of whether you're in the web2, 2.5, or 3 worlds.

To celebrate our launch, we're offering a limited-time promotion of $10,000 processing for free. Join us on our journey by following us on Twitter and LinkedIn and subscribing to our newsletter.

Come join us and be part of the future of payments.

Jack and Mike

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Accept crypto payments from your customers and offer the
best-in-class payment experience.
Get started today
Accept crypto payments from your customers and offer the
best-in-class payment experience.