bravenewcoin.com / Mario Cotillard / 11 September 2015
Abra has closed a “highly oversubscribed” Series A funding round, securing just over US$12m. The remittance startup 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.”
– Jim Robinson, RRE Ventures Managing Partner and Abra Co-Founder
Abra is perhaps one of the most ambitious companies in the Bitcoin remittance industry, seeking to create a global network, rather than focus on a specific regional market. Despite being indicated as one of the obvious use cases for Bitcoin and blockchain technology, Bitcoin based remittance services have yet to gain any significant traction.
The company launched earlier this year at the Launch Festival, a largest startup conference, and won ‘Best Overall Company.’ The companies CEO, Bill Barhydt, is also co-founder and chairman of Boom Financial, an international mobile money transferring service. Boom followed a similar premise to Abra, allowing the transfer of money internationally through mobile phones, and raised a total of US$17m.