Supermojo Announces Completion of Seed Round to Streamline NFT Access
Source: Business Wire
Launches Innovative Platform Focused on NFT Point-of-Sale Financing and Collateralized Lending
Super Mojo, Inc. (“Supermojo”) today announced the launch of its financing platform designed to make digital assets more accessible for the next wave of users. The platform facilitates point-of-sale financing to improve the NFT purchase experience and collateralized lending for improved post-sale liquidity. Supermojo’s initial focus will be on partnering with marketplaces and storefronts that serve the $25B NFT market (DappRadar).
Supermojo’s seed round was led by BH Digital, DRW Venture Capital, Intersection Growth Partners, and Neuberger Berman. Additional investors 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.
Founded by CEO Amir Sarhangi and Head of Product and Engineering Craig DeWitt, two former executives at Ripple, Supermojo has quickly built a team with extensive experience in creating user-friendly crypto infrastructure and products, data analytics, and financing solutions. Supermojo aims to make NFTs more accessible by providing marketplaces with differentiated and flexible payment and liquidity options.
“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. ‘Buy Now, Pay Later’ experiences are critical to excellent checkout experiences,” said Mr. Sarhangi. “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.”
“Digital goods will be the largest market in the world, so it is extremely important to provide an experience that’s accessible for all people, especially those without crypto expertise.” added Mr. DeWitt. “Supermojo’s checkout financing and lending infrastructure lowers the barrier of entry for new users and moves us closer to a future of frictionless, digital ownership.”
“There is significant appetite for an embedded Buy Now, Pay Later model for NFTs, which makes Supermojo uniquely positioned to fuel the next evolution of this ecosystem,” said Andrew Steinwold, managing partner of Sfermion. “This type of innovation is critical to the sustained growth of the space, and we are thrilled to be supporting Supermojo and its strong management team of highly experienced operators and visionaries to deliver a much-needed product.”
Today, Supermojo also announced the appointment of Peter Sterling, Head of Specialty Finance at Neuberger Berman, as a member of the company’s Board of Directors.
“We are very excited to be backing and supporting Supermojo. Web3 and traditional finance solutions are being combined to offer superior customer experiences to enter into the high growth marketplace of NFTs, today more than ever NFT owners are looking for ways to get liquidity against their NFTs,” said Mr. Sterling.
The NFT industry has experienced massive user growth, yet the NFT financing market has lagged the overall growth of the industry. Financing options are generally limited to peer-to-peer and peer-to-pool protocols that are not intuitive or accessible to the average NFT buyer. Supermojo’s unique product solutions will expand the number of financing options available to customers and increase simplicity and liquidity of the NFT ecosystem.
Supermojo is building the embedded customer lending experiences to power the growth of NFTs as a powerful new asset class. Supermojo’s platform will enable users to have a more accessible NFT experience from checkout to liquidity while helping marketplaces and storefronts improve average order size and customer conversion rates. Supermojo’s embedded lending experience will remove friction from buying NFTs by making it easy for users with no knowledge of crypto while Supermojo’s collateralized lending service will provide immediate liquidity to existing blue chip NFT holders.