Ratan Tata, American Express Invests In Digital Currency Startup Abra

Ratan Tata, American Express Invests In Digital Currency Startup Abra

Abra has created a bitcoin powered remittance app

After investing in numerous Indian startups, Ratan Tata, Chairman Emeritus of Tata Son has invested in Silicon Valley-based startup – Abra. Along with Tata, American Express also invested in this round.

Abra is changing how people use cash and their smartphones to send and receive money around the world. The startup basically enable anyone to store digital cash, valued in any currency, directly on their phone with no bank required.

This investment is part of the $14 Mn Series A round, announced by the company in September. Interestingly, this is first investment in the crypto currency (digital currency) startup for both American Express and Ratan Tata.

With the funding, the startup has also announced that the Abra app will be available to all registered users in the US and Philippines in the coming weeks, with more countries to follow soon. The Abra app allows people to store digital cash, sending that money to any smartphone and using a new network of human ATMs, called Abra Tellers, who are individuals or businesses earning money by buying and selling digital cash to and from any consumer via the Abra app.

The company also announced their entry into online, digital cash-based merchant payments. Any merchant who adds the Abra Merchant APIs to their web or mobile app can allow a consumer to pay for any product or service by simply typing in their mobile phone number at checkout. Authorization and settlement happens as soon as the consumer confirms the transaction via the Abra app.

“As people and businesses transact more globally, there’s a need for more convenient and affordable ways to move money, and we think the blockchain could play an important role in the evolution of money transfer and commerce, especially in emerging markets,” said Harshul Sanghi, Managing Partner, American Express Ventures.

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Inc42 Magazine is an online startup magazine that covers some of the best startups and entrepreneurs in the India ecosystem. We also feature numerous guest posts and resources by leading experts from across the industry, including many from the Silicon Valley and Bay Area.
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