Abra, a wealth management startup based in California, has raised $55 million via a Series C funding round to change how people think about money.
Led by IGNIA and Blockchain Capital, the funding round also counted with participation from new investors like Tiga Investments, Kingsway Capital, and Stellar Development Foundation. Existing investors also participated, including Lerer Hippeau Ventures, Amex Ventures, Arbor Ventures, RRE Ventures, and CMT Digital Ventures. Bart Stephens, Managing Partner at Blockchain Capital, commented on Abra’s potential:
“We believe Abra is on an exciting growth trajectory, led by a strong management team with an understanding of the long-term potential for cryptocurrencies. Abra offers unmatched accessibility for every type of investor, which positions the company well for capitalizing on the growth in adoption and interest in cryptocurrencies globally.”
The round brings the total funding raised by the startup to $85 million and will allow it to expand its offering of products and services, as well as to grow the size of its marketing team to reach new markets.
Founded in 2014, Abra is known as a leading asset management platform for cryptocurrencies, experiencing a record year of growth with sales increasing more than tenfold. Since its inception, Abra has been helping its users to profit and support cryptocurrency transactions, handling over a billion dollars in crypto-backed loans and interest payments to retailers and institutions. Founder and CEO of Abra Bill Barhydt said in this regard:
“Cryptocurrencies, NFTs and DeFi are now top of mind for almost all investors. The crypto asset class is growing exponentially, even outpacing the early commercial Internet itself. Our vision of crypto-centric banking is coming to life in front of our eyes, and Abra is excited to serve as a leader in the space. I’m proud of what the Abra team has accomplished, and we look forward to continuing to scale our platform and serve our customers as their trusted and compliant crypto banking platform.”
Recently, Abra has started working on a team expansion plan, specifically focusing on developing a private customer service sales team and setting up an OTC trading desk. The wealth management startup believes this approach will help its mission of bringing cryptocurrency to investors around the world, boosting a new era of financial inclusion.