London-based fintech firm BoomFi has successfully raised $3.8 million in a seed funding round, surpassing its initial target. The oversubscribed funding round highlights the growing demand for BoomFi’s next-generation payments solution, which aims to streamline transactions across both blockchain and traditional payment systems.
BoomFi was co-founded by serial tech entrepreneur Jack Tang and fintech product executive Michael Si. Their all-in-one product offers a comprehensive range of payment features, including one-time payments, recurring payments, metered billing, and invoicing. Additionally, BoomFi seamlessly integrates both cryptocurrency and fiat systems, providing users with a unified and efficient payment experience.
Leading the funding round is venture capital firm White Star Capital, joined by prominent investors such as Passion Capital, Blockchain Founders Fund, Kraken Ventures, GSR, Aquanow, Mantle Network, and notable individuals from Moonpay, Ramp Network, Transak, Layer Zero, The Giving Block, as well as former executives from Stripe, Revolut, and Worldpay. The secured funds will be allocated towards strategic partnerships, further product development, and expanding BoomFi’s merchant network, particularly within the rapidly emerging web3 sector.
Sep Alavi, General Partner at White Star Capital, expressed confidence in BoomFi’s potential to drive the crypto payment revolution. Alavi emphasized that BoomFi’s commitment to simplifying crypto transactions aligns perfectly with the current industry trends. As blockchain technology and cryptocurrencies transition into the utility phase, where seamless integration of goods and services is paramount, BoomFi’s dedication resonates with this evolving landscape.
With the new funding in place, BoomFi is poised to lead the way in transforming the payment sector, enabling smoother and more widespread adoption of cryptocurrency transactions. The company’s vision aligns with the evolving needs of businesses and consumers as they navigate the rapidly changing financial landscape.