London-based next-generation payments company, BoomFi has raised $3.8 million in an oversubscribed seed funding round continuing its growth as it continues to streamline the process of payments across the blockchain and traditional payment systems.
BoomFi was founded by Jack Tang, a serial tech entrepreneur, and fintech product executive Michael Si – its all-in-one product supports one-time payments, recurring payments, metered billing and invoicing, and seamlessly integrates crypto and fiat systems.
The funding round was led by White Star Capital and includes Passion Capital, Blockchain Founders Fund, Kraken Ventures, GSR, Aquanow, Mantle Network, founders from Moonpay, Ramp Network, Transak, Layer Zero, The Giving Block and former execs from Stripe, Revolut and Worldpay. The funds will be used for strategic partnerships, product development, and expanding the merchant base in the burgeoning web3 sector.
“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.” says Tang. “We’re streamlining payments across various blockchains and traditional payment rails into one seamless, borderless and familiar payment experience. This funding will push us full-throttle into a world where crypto payments is the norm, not the exception.”
“BoomFi is set to spearhead the crypto payment revolution. 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” said Sep Alavi, General Partner at White Star Capital.
