Paper, a San Francisco, NFT payment startup, raised $7.3m in seed funding after a $2m angel investment.
This round was co-led jointly by Electric Capital, Initialized Capital, and included participation from Polygon and FalconX, Long Journey Ventures and Founders Inc., Alliance DAO and ThirdWeb. Night Capital also participated. The round was founded by the founders of Plaid and Twitch, Twitch and Fractal, MagicEden and Eventbrite.
Paper was founded in 2022 by Edward Sun and James Sun. It is a payment processing firm that allows cross-chain purchase of NFTs via credit card, wallet, or both. It allows you to make purchases using email and your credit card. Paper customers can use the post-checkout utility infrastructure for wallets and signing. This allows purchases to be converted into real-life memberships or benefits that are verified by the blockchain.
Paper now has $7.5m in annualized GMV, since it launched in February. Existing customers include Fnatic, Deadmau5, Boohoo, and YesTheory, the brand promises the most accessible NFT purchasing technology available today.
Paper is also working on supporting more chains.