MOUNTAIN VIEW – SEPTEMBER 10, 2015 – Abra, the company changing how people use cash and their smartphones to send and receive money around the world, announced today that it has closed its Series A financing round and has now raised over $14 million in venture financing. Investors in the Series A financing round include Arbor Ventures, RRE Ventures and First Round Capital. The round was highly oversubscribed.
Abra won the Launch Festival in March as Best Overall Company and has since been testing its services for storing digital cash, sending that money to any smartphone and using a new network of human ATM’s, called Abra Tellers, who are individuals or businesses earning money by buying and selling digital cash to and from any consumer via the Abra App.
Abra will soon announce the general availability of the Abra App in its initial launch markets. To date, pre-registrations for consumers and Tellers have come from over 80 countries. Wei Hopeman of Arbor Ventures commented, “Arbor sees huge potential for the Abra business model globally, but especially in China and Southeast Asia, which are traditionally large cash economies but leapfrogging into mobile payments and bypassing traditional banking and card infrastructure at an accelerating rate. Making cash mobile will unlock a lot of opportunities in these markets and across the region.”
An investor in several digital currency companies, RRE Ventures Managing Partner and Abra Co-Founder Jim Robinson is particularly excited about the potential of Abra to disrupt the global money transfer market. “As early proponents of Blockchain technology, we believe that Abra is one of the companies that’s fully leveraging the potential of the technology by reducing friction in financial services. It’s not about Bitcoin for the sake of Bitcoin – it’s about how the technology can solve problems for consumers worldwide, even if they don’t know what the Blockchain is.”
Abra investors include Arbor Ventures, Blockchain Capital, Carthona Capital, Cyanotype, Digital Currency Group, First Round Capital, Future Perfect Ventures, Haystack, Jungle Ventures, The Launch Fund, Lehrer Hippeau Ventures, Liberty City Ventures, NYCA, Pantera Capital, and RRE Ventures.
Abra is making cash mobile. We enable anyone to store digital cash, valued in any currency, directly on your phone with no bank required. Send cash instantly to anyone with a smartphone, anywhere in the world. Our network of Abra Tellers — individuals or businesses who facilitate the buying and selling of digital cash – makes financial services more accessible for consumers and creates new business opportunities around the world. Abra will soon be available on Android and iPhone.
For press inquiries, please contact: press[at]goabra.com
Established in 2014, Abra is on a mission to create a simple and honest platform that enables millions of cryptocurrency holders to maximize the potential of their assets. Abra enables both individuals and businesses to safely and securely buy, trade, and borrow against cryptocurrencies – all in one place. Abra’s vision is an open, global financial system that is easily accessible to everyone.
Based in the United States, Abra is available in over 150 countries and makes it easy to convert between crypto and a wide variety of local fiat currencies. With over 2MM customers, $7B in transactions processed, and $1.5B in assets under management, Abra continues to grow rapidly. Abra is widely loved and trusted – in April 2022, pymnts.com reviewed and rated Abra amongst the top 5 most popular crypto wallets in the market. Abra is backed by top-tier investors such as American Express Ventures and First Round Capital.
How Abra Protects Your Funds
Abra places clients’ financial objectives and security first. Abra practices a culture of risk management across all levels and functions within the organization.
Abra employs a state-of-the-art enterprise risk management framework that comprises a comprehensive set of policies, procedures, and practices detailing all applicable risk-related objectives and constraints for the entirety of the business. Abra has instituted a complete set of requisite systems and controls that continuously enforce these policies, procedures, and practices to manage all operations, including credit and lending. Abra’s independent Risk Committee comprises experienced compliance, risk, securities, and fraud operations professionals with backgrounds in industries ranging from traditional and digital assets banking, payments, remittance, to fintech.
Please visit our FAQ to learn more.