Wealth management platform Abra announced that it has raised $55 million in Series C investment round, which was led by IGNIA and Blockchain Capital. This funding round has brought Abra’s total funding to over $85 million from its inception.
The Series C financing will be used to expand its product team into new offerings for wealth management, trading, and payments, grow its marketing team, and develop the company’s institutional sales offerings.
The round was joined by new investors such as Kingsway Capital, Tiga Investments and the Stellar Development Foundation, as well as existing investors like Lerer Hippeau Ventures, Amex Ventures, Arbor Ventures, RRE Ventures, CMT Digital Ventures, and Kenetic Advisors. Several Abra Platinum customers have also contributed to the funding round, including some of the more notable crypto investors.
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,
Bill Barhydt, founder and CEO of Abra
Abra has been seeing significant growth over the past year, as its revenue rose ten-times higher and its custody services — Abra Trade and Abra Earn — increased to $1 billion in AUM with zero defaults. The platform has processed over $4 billion worth of transactions within the same timeframe.
