Supermojo, a financing platform for non-fungible tokens (NFTs), announced Thursday that it raised $6 million in seed funding.
The funding round was led by BH Digital, DRW Venture Capital, Intersection Growth Partners and Neuberger Berman, with additional participation from 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, according to a release shared with The Block.
Supermojo’s platform features a buy now pay later (BNLP) service for NFTs. BNPL a process in which a user pays a portion for a product outright and pays the rest in later installments, often with interest.
“The NFT market needs to welcome new users in order to keep scaling. NFT marketplaces and storefronts have yet to offer the payment methods most people are familiar with when buying online,” said Supermojo CEO Amir Sarhangi in the statement, adding that BNLP is one familiar payment method for most users.
“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,” Sarhangi said.
BNLP became popular through traditional finance spaces via the company Klarna, but has crept into NFT financing as seen with the DeFi lender Teller recently launching NFT BNLP features.
Supermojo was founded by Sarhangi and Craig DeWitt, two former senior employees of distributed ledger startup Ripple.