Venture Capital

Abra Reels in $55 Million

MOUNTAIN VIEW — Abra, a wealth management platform for cryptocurrency investors, has raised $55 million in Series C funding. The round was led by IGNIA and Blockchain Capital, with new investors including Kingsway Capital, Tiga Investments and the Stellar Development Foundation. Additional investments from existing investors include Lerer Hippeau Ventures, Amex Ventures, Arbor Ventures, RRE Ventures, CMT Digital Ventures, and Kenetic Advisors. Also participating in the round were several Abra Platinum customers, including some of the most prominent individual crypto investors. The round brings Abra’s total funding to date to over $85 million since inception.

Abra’s Series C financing will help the company to expand its world-class product team into new offerings for wealth management, trading, and payments; scale its marketing team; and develop the company’s fast-growing high net worth and institutional sales offerings.

Abra has experienced tremendous growth over the past year. The company says revenues have increased more than ten-fold, while custody services, Abra Trade and Abra Earn, went from zero to $1 billion in AUM, with zero defaults. Abra’s 155,000 monthly customers have processed over $4 billion in transactions in the same timeframe.

“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,” said Bill Barhydt, founder and Chief Executive Officer of Abra. “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.”

“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,” said Bart Stephens, Managing Partner at Blockchain Capital. “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.”

“Abra is perfectly positioned to execute on its mission to expand access to crypto assets in a safe and secure way for customers,” said Alvaro Rodriguez Arregui, Managing Partner of IGNIA. “As international investors ourselves, we recognize the need for safe and reliable access to the crypto ecosystem and are excited to support Abra.”

Over the past year, Abra has rapidly expanded its team, including recently forming an OTC trading desk and scaling its private client services sales group in the Americas, Europe and Asia. Abra also recently added Robert Valdes-Rodriguez as Global VP of Sales to build out private client sales across all three continents, Caroline Finch as VP Growth and Marketing to manage and expand global growth, and Deepak Ghosh as Director of Product to manage the global expansion of Abra’s product offerings. Additionally, Ben Iiams was recently promoted to VP Trading and Credit Markets after spending several years building Abra’s industry-leading teller, trading, and lending infrastructure.