BoomFi Secures $3.8 Million in Funding to Drive Innovation in Crypto Payment Solutions

BoomFi, a company aiming to revolutionize crypto and digital currency payments across various sectors, has successfully raised $3.8 million in its recent series funding round.

According to the company’s press release, the funds will used to enhance product development, establish strategic partnerships, and expand the merchant base, particularly within the rapidly growing web3 sector.

BoomFi’s seed round garnered support from prominent venture capitalists, strategic investors, and influential figures within the industry. Notable participants include White Star Capital, Passion Capital, Blockchain Founders Fund, Kraken Ventures, GSR, Aquanow, and Mantle Network. Founders from Moonpay, Ramp Network, Transak, Layer Zero, The Giving Block, and former executives from Stripe, Revolut, and Worldpay also contributed to the round.

BoomFi provides merchants with an effortless and rapid onboarding procedure, enabling them to get started using no-code pay links. They also offer low-code integrations and fully customizable API options. In the near future, BoomFi’s crypto checkout plugins will be accessible on prominent eCommerce, payment orchestration, and billing management platforms as alternative payment methods.

Jack Tang, BoomFi’s co-founder, envisions a future where payments and money transfers rely on crypto rails and there is a seamless connection traditional and decentralized systems. Tang acknowledged the existing complexities and challenges in this space makes dififcult. He, howewver, emphasized that the funding received by BoomFi help the company lead the charge toward a future where crypto payments are the norm.

Tang stated:

“We’re streamlining payments across various blockchains and traditional payment rails into one seamless, borderless and familiar payment experience.”

According to Sep Alavi, General Partner at White Star Capital, BoomFi is positioned as the leader in driving the revolution of crypto payments. Their steadfast dedication to simplifying cryptocurrency transactions in the payment industry perfectly matches current trends.

Alavi emphasized that a notable transition is towards the utility phase of blockchain technology and cryptocurrencies is motion and BoomFi’s unwavering commitment excellently captures this dynamic and evolving landscape.

Tobias Bauer, Partner at Blockchain Founders Fund, stated:

“We are deeply impressed by the proven track record and business acumen shown by the BoomFi team. Validated by such promising early traction, it’s clear BoomFi’s full payment stack solution solves a big problem in the market.”