Bitpinas. Abra, a mobile bitcoin wallet in the Philippines, gets a stronger foundation as they completed Series B round of funding.
Abra Secures New Funding
Abra, a mobile app wallet that services both the US and the Philippines got an additional $16 million funding from their successful *Series B round.
*Series B – the second round of financing for a business through any type of investment including private equity investors and venture capitalists. – Investopedia
The Series B round caught three new investors in the cryptocurrency startup. They are HCM International – Foxconn’s venture subsidiary, Silver8 Capital, and Ignia. These three join the existing investors under their belt – Arbor Ventures, American Express Ventures, Jungle Ventures, Lehrer Hippeau and RRE.
With the addition of $16 million from the Series B round, Abra now has a total of $35 million total funding. $12 million of which is from their Series A round with Arbor Ventures, First Round Capital, and RRE Ventures.
We believe that Abra represents the future of digital payments and banking. Abra’s vision for a decentralized network of people, merchants and consumer devices all connected via Internet-based open blockchain technology can usher in a new era of financial inclusion and access to capital for billion of consumers. – Jack Lee, Founding Managing Partner, HCM
Founded in 2014, Abra enables peer-to-peer mobile payments using Bitcoin and Blockchain Tech to store and facilitate cash transfers between phones. It is available in the Philippines and is one of the ways Filipinos can directly buy bitcoins right now without needing to register in International exchanges.
Source: Abra News