Blockchain-based remittance service Abra closed on $12 million in new funding today. The “heavily oversubscribed” round, according to the company, includes investors Arbor Ventures, RRE Ventures and First Round Capital.
The Abra app, which the company expects to launch soon in selected markets, enables users to send funds “within minutes” between smartphones in any currency without transfer fees.
Users deposit funds via a linked bank account or through Abra’s network of “Tellers.” Tellers are super-users who charge a fee to receive a user’s cash deposit and credit the user’s Abra account with the digital funds. Tellers can also reverse the process, selling paper currency to users in return for Abra’s digital cash.