Digital token wallet Abra nets $16m in Series B

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fintech insurtech wealthtech regtech ai cybertech esg news

Digital currency wallet Abra has closed a $16m Series B funding round, bringing total funding raised by the company to date, to $35m.

Three new investors to the company took part, including HCM International, Silver8 Capital, and Ignia. Among these new partnerships were existing backers Arbor Ventures, American Express Ventures, Jungle Ventures, Lehrer Hippeau and RRE.

Founded in 2014, Abra is a smartphone-based digital token wallet which allows users to buy, sell, store and send bitcoin of fiat currencies. The platform lets users to link bank accounts, Amex cards or cash transfers to the wallet, and then convert the funds into bitcoin.

The wallet allows people to transfer their tokens across the world to more than 50 currencies, with no sending fees.

In a blog post announcing the funding, Abra founder Bill Barhydt said, “I believe we are in phase one of a new era of digital currency based banking. This new era will democratize access to capital, access to basic financial services and ultimately access to capitalism.”

The company raised a $12m Series A funding round in 2015, with investments from firms including Arbor Ventures.

Earlier this month, cryptocurrency wallet Change ended its pre-ICO on $17.5m, with it gearing up for its full token sale next month. This month also saw token wallet Eidoo completed its ICO on $29.7m, with the funds set to help with product development.

Copyright © 2017 FinTech Global

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