Abra raises $12M in Series A funding round

Investing | September 21, 2015 By:

Abra has raised US$12m in Series A funding round and is currently beta testing an app that uses Bitcoin technology to send money around the world.

Investors in this round include Arbor Ventures, RRE Ventures and First Round Capital. The company previously raised US$2m in a seed round, earlier this year.

“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,” said Abra co-founder Jim Robinson.

“Abra is not a financial service — it is an app that facilitates storing digital currency equivalent to US Dollars directly on your smartphone and transferring your money from your Abra App to any other Abra App anywhere in the world,” said Abra CEO Bill Barhydt.

Abra said it will soon announce the general availability of the Abra App in its initial launch markets, having already received registrations from tellers and users in over 80 countries. The firm has been running beta tests since March, in Latin America, the Middle East, and Southeast Asia.

Abra is a peer to peer money transfer network.