Abra Raises $16 Million in Series B, Led By Foxconnbr>
Bitcoin startup Abra has raised $16 million in a Series B funding round led by electronics supplier giant Foxconn. Other investors in the round include Silver8 Capital, Ignia, Arbor Ventures, American Express Ventures, Jungle Ventures, Lehrer Hippeau and RRE.
The new funding brings Abra’s total received to more than $30 million. Abra plans to use the funds to expand globally and invest in future product development.
Jack Lee, founding managing partner at HCM, the investment arm of Foxconn, said they believe that Abra represents the future of digital payments and banking. He said that Abra could potentially usher in a new era of financial inclusion to billions of people.
Founded in 2014, Abra is a financial services and technology company that produces a consumer peer-to-peer mobile payment service. The service uses bitcoin and its underlying blockchain technology to store cash deposits and facilitate cash transfers between any two smartphones.
Users can withdraw and deposit cash at “Abra Tellers” which can be individuals or businesses. A bank account is not required in order to use Abra in most countries. The service is currently available via an app on Android and iOS devices in the United States and the Philippines. The company is headquartered in Mountain View, California with an additional office in Manila.