Paper, a San Francisco, NFT payment startup, raised $7.3m in seed funding after a $2m angel investment.
The round was co-led by Electric Capital and Initialized Capital with participation from Polygon, FalconX, Long Journey Ventures, Founders Inc., Alliance DAO, ThirdWeb, Night Capital and the founders of Plaid, Twitch, Fractal, MagicEden, Eventbrite, Tagomi and Bison Trails.
Founded in 2022 by James Sun and Edward Sun, Paper is a payment processing company that allows credit card-based, wallet-based, and cross–chain purchases of NFTs. It enables purchases with only email and credit card, as well as allowing cross-chain payments. For customers using Paper, the company supports the post-checkout utility infrastructure of wallets and signing, meaning purchases can be translated into real-life memberships and benefits verified by the blockchain.
Since launching in February, Paper is now at $7.5m in annualized GMV. Existing customers include Fnatic, Deadmau5, Boohoo, and YesTheory, the brand promises the most accessible NFT purchasing technology available today.
Paper is also working to support more chains; the current iteration is available on Polygon, Ethereum, Solana and Avalanche.