Abra raises $12 million in Series A Funding

Abra, a bitcoin-based remittance app, has raised $12 million in Series A financing. Total funding by the company till date now stands at $14 million. Investors in the Series A financing round include Arbor Ventures, RRE Ventures and First Round Capital. 

Jim Robinson, Abra Co-Founder and RRE Ventures Managing Partner, is excited about the potential of Abra to disrupt the global money transfer market.

“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”, he said.

The company will soon announce the availability of its app to general public, it said in a blog post. So far, pre-registrations for consumers and Tellers have come from over 80 countries.

Abra, founded in 2014 by Bill Barhydt, won the Launch Festival in March as Best Overall Company. Since then, it has since been testing its services for storing digital cash, sending that money to any smartphone and using a new network of human ATM’s, called Abra Tellers.