BoomFi raises $3.8M to democratize crypto-payments

Jack Tang and Michael Si, co-founders of BoomFi – Credit: BoomFi

BoomFia startup that builds a platform allowing companies to readily accept payments in cryptohas just completed a financing round from 3.8 million dollars directed by White Star Capital.

Based in London, BoomFi aims to convince one million companies to accept cryptocurrency payments by 2028. Its platform thus offers merchants the opportunity to support settlements via several digital coins, including ETH and USDT, but also to set up recurring crypto payments and automatic for their customers.

Our goal is to make crypto payments as easy as using a card,” proclaims the startup.

This Tuesday, BoomFi announced a fundraising of $3.8 million. Led by American VC White Star Capital, the round also saw the participation of Passion Capital, Kraken Ventures and GSR. Business angels, such as the founders of Moonpay and Transak, also chipped in.

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The funding will be used to accelerate the startup’s mission, which is, as mentioned above, to democratize cryptocurrency payments.

According to its website, the BoomFi is now compatible with the Ethereum, Binance Smart Chain and Solana blockchains, as well as layer2 Polygon and Arbitrum.

“Despite its vast potential, crypto adoption in payments has been slow due to obstacles such as blockchain scalability issues, suboptimal user experience, regulatory challenges and poor perception. However, I am convinced that we are at an important turning point. As someone who identifies opportunities in the midst of uncertainty, I believe this is the perfect time to move forward,” commented BoomFi co-founder Jack Tang.

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