Participated · Series C · Sep 2021

Abra operates a crypto-centric wealth management platform offering high-yield products, trading access to over 100 cryptocurrencies, custody services, and crypto-backed loans. The company lets users earn yield (Abra Earn), trade (Abra Trade), and borrow dollars against crypto holdings. Over the past year Abra’s revenues grew more than ten-fold and custody services, Abra Trade and Abra Earn scaled from zero to $1 billion in AUM with zero defaults. Abra reports 155,000 monthly customers and says those users processed over $4 billion in transactions; the company has processed over $1 billion in crypto-backed loans and paid millions in interest to clients. Abra has recently expanded its team, formed an OTC trading desk, and scaled private client services across the Americas, Europe and Asia. The company plans to use new capital to expand product offerings for wealth management, trading and payments, scale marketing, and grow high-net-worth and institutional sales. Abra operates a smartphone-based wallet to buy, sell, store, or send fiat currencies or bitcoin. The wallet is accessible via a bank account or a global network of cash tellers. The company intends to use the new capital to expand operations and continue to develop the platform. Abra is led by founder Bill Barhydt, a serial entrepreneur with over 20 years of payments experience. The company is based in Mountain View, California, and also operates an office in Manila, Philippines. As of the Series B, Abra has raised $35m in total funding. Abra offers a remittance app that instantly converts deposited fiat into bitcoin stored locally on users' devices, allowing transfers denominated in traditional currencies while avoiding direct custody of funds. The service supports deposits via linked bank accounts or a network of human ‘Abra Tellers’ who accept cash and credit users' accounts. Abra mitigates bitcoin volatility by creating self-settling blockchain contracts assigned to third-party counterparties across the bitcoin ecosystem, including exchanges and mining companies. The company charges a 0.25% fee when users transact with an Abra Teller and a small fee to counterparties involved in the smart contracts. Abra says its consumer app will launch soon, is currently accepting Teller applications, and already has Tellers signed up in over 80 countries. The company is led by CEO Bill Barhydt and has raised $14 million in total funding to date.