Boom is a mobile app and payment gateway that enables cash-based consumers and businesses to transact online without traditional banking, facilitating secure storage, transfer, and spending of cash in the global digital economy. By connecting unbanked populations to e-commerce, Boom addresses the lack of access to financial services for 1.7 billion adults, allowing them to pay for goods and services in their local currencies.
Funding
$500M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
A significant portion of the global population lacks access to traditional banking services, hindering their participation in the digital economy and limiting their ability to securely transact online. This exclusion prevents them from accessing e-commerce opportunities and managing their finances effectively in an increasingly digital world.
Solution
Boom provides a mobile application and payment gateway that enables cash-based consumers and businesses to engage in e-commerce without requiring traditional bank accounts. The platform allows users to securely store, transfer, and spend cash online in their local currencies, connecting them to the global digital economy. Boom offers a suite of features including a marketplace, digital wallet, secure messaging, and social networking capabilities, all powered by its native cryptocurrency, Boomcoin (BMC). The platform also includes Boomswap, a decentralized exchange that facilitates cross-border trading with instant settlements on-chain, enabling users to buy and sell crypto without relying on traditional financial institutions.
Target Audience
Boom primarily targets unbanked and underbanked consumers and businesses in emerging markets, particularly in Africa, who lack access to traditional financial services and seek to participate in the digital economy.
Features
- Mobile application for secure storage, transfer, and spending of cash online
- Payment gateway enabling e-commerce transactions for unbanked users
- Marketplace for buying and selling goods and services
- Digital wallet for sending, receiving, and managing funds
- Secure messaging for communication between users and merchants
- Social networking features for community engagement
- Boomcoin (BMC) as the native cryptocurrency for transactions and fees within the ecosystem
- Boomswap, a decentralized exchange for trading tokenized fiat currencies
- Support for scan-to-pay functionality for in-person transactions
- Integration with BoomPay for online checkouts
- Optional credit score feature to make credit accessible