The secured fund, according to reports, would be used for creating data analytics, user-friendly crypto infrastructures, and financing solutions.
Non-Fungible Token (NFT) financing platform Supermojo has announced to have raised $6 million in seed funding led by BH Digital, DRW Venture Capital, Intersection Growth Partners, and Neuberger Berman. According to the press release, other participants in the funding round include “Sfermion, Arca, Gemini, Everyrealm, Arrington Capital, BlockFi Ventures, Circle Ventures, Crossbeam Venture Partners, Draper, FJ Labs, FBG Capital, OP Crypto, Red Beard Ventures, and Ripple.”
Supermojo has since its inception come up with several interesting features with its platform featuring Buy Now Pay Later (BNPL) service for NFTs. The service enables users to make a part payment of a product and pay the rest later in installments depending on the agreement.
According to Supermojo CEO Amir Sarhangi, BNPL is very popular among users. In his statement, he mentioned that the NFT market can keep scaling by welcoming new users. He also observed that the market and storefronts do not usually offer the payment method most users are familiar with when purchasing products online.
“Our team at Supermojo is committed to providing a more seamless, intuitive, and accessible NFT purchasing, financing, and custody experience for the next wave of NFT users, from checkout to resale. We are thrilled to hit the ground running with our incredibly talented team and partners to deliver a frictionless NFT experience to the next wave of users,” said Sarhangi.
The secured fund, according to reports, would be used in creating data analytics, user-friendly crypto infrastructures, and financing solutions. The NFT financial platform also aims to assist marketplace and storefronts to expand their average order size as well as their customer conversion rate.
Supermojo was founded by two former senior employees of Ripple, Sarhangi and Craig DeWitt.
Sarhangi believes the digital asset market would grow to become the largest market in the world, hence, the reason for focusing on improving user experience accessibility. Interestingly, it has a checkout and lending platform that would be easily navigated by people with less crypto knowledge and technical expertise.
According to Andrew Steinwold, managing partner of Sfermion and one of Supermojo’s investors, there is a huge demand for the BNPL model for NFTs. This put Supermojo in the best position to lead the evolution of the industry.