LAS VEGAS--(BUSINESS WIRE)--Navra, a financial technology company led by Figure and SoFi co-founder Mike Cagney, today announced it has closed an oversubscribed $19 million Series A funding round led by Ribbit alongside other founding Figure investors including Baseline and DCM. The round also featured a group of strategic investors, including Jump Crypto and Figure Technology Solutions.
Navra is designed to make it easy for both retail investors and institutions to access blockchain. Navra’s product, available directly and through white label partnerships, offers a single intuitive interface to access multiple blockchain venues. The desktop and mobile application will provide direct on-chain access to yield protocols and cash rails, via keyless self-custody that satisfies qualified custody requirements and an embedded AI agent to support users. Institutions have the ability to manage enterprise teams with full audit trail and integration with fund accounting and administrators.
“Blockchain DeFi protocols are the best foundation for the $6 trillion asset based finance market, but the real dollars haven’t moved over yet,” said Mike Cagney, Navra’s co-founder and CEO. “Three major things have stood in the way of this migration: user experience, keyless qualified custody and enterprise control. Navra solves these.”
Alongside the round, Navra announced Figure as its first blockchain partner. Navra has integrated Figure's Democratized Prime yield protocol and YLDS, the first SEC-registered yielding stablecoin. The two firms are also collaborating on integrating Figure’s trading markets into the Navra solution.
“Figure’s ecosystem is putting more than $2B a month of real world assets on blockchain. We’d like the market to be able to finance those assets through DeFi,” said Michael Tannenbaum, Figure’s CEO. “A major benefit of having Mike Cagney as the Chairman of the Figure Board is his focus on the future of finance and blockchain. Navra can play a critical role in bringing those dollars over, not just to Figure’s protocols but to the broader blockchain ecosystem.”
Navra is an AI native company, using the technology as a cornerstone not just in product and engineering, but legal, finance, marketing and more. Proceeds from the round will go to building out that AI infrastructure, expanding the Navra platform, and customer and partner acquisition.
Navra is currently working with a cohort of design partners on refining the product. Navra will begin a limited rollout to retail and institutions in late October, with white-label availability as a complete app or as embeddable modules coming shortly thereafter. Interested users can join the waiting list at www.navra.com.
About Navra
Navra is the bridge between traditional finance and blockchain. Its mobile and desktop app gives individuals and institutions a single intuitive interface to curated on-chain venues, with access to DeFi yield, new trading markets, an embedded AI agent and keyless self-custody. Institutions have enterprise wallet management with role-based controls, qualified custody, full audit trails and data-integration with administration and accounting. The same platform powers white label offerings for partners as modules or as a standalone app. Navra was started by Mike Cagney, co-founder of SoFi and Figure, and is headquartered in Las Vegas. For more information, visit navra.com.
Contacts
Media inquiries: press@navra.com
Partnership inquiries: partners@navra.com