Navra has raised an oversubscribed $19 million Series A led by Ribbit to develop a financial technology platform designed to connect traditional financial institutions and retail investors with blockchain-based financial products.
The round included founding Figure investors Baseline and DCM along with strategic investors Jump Crypto and Figure Technology Solutions.
Navra is led by co-founder and CEO Mike Cagney, who also co-founded Figure and SoFi.
The company is developing a desktop and mobile platform that provides access to multiple blockchain venues through a single interface.
Navra plans to offer the product directly to users as well as through white-label partnerships.
The platform will provide onchain access to yield protocols and cash rails through keyless self-custody designed to meet qualified custody requirements.
An embedded AI agent will also assist users.
For institutional customers, Navra is developing features for managing teams with audit trails and integrations with fund accounting platforms and administrators.
The company is initially focused on helping move more asset-based finance activity onto blockchain infrastructure.
Navra sees a potential opportunity across the approximately $6 trillion asset-based finance market as real-world lending and financial assets increasingly migrate to blockchain-based platforms.
Figure has been named Navra’s first blockchain partner.
Navra has integrated Figure’s Democratized Prime yield protocol and YLDS, which the companies describe as the first SEC-registered yielding stablecoin.
Navra and Figure are also working to integrate Figure’s trading markets into the platform.
Figure currently places more than $2 billion of real-world assets on blockchain each month, according to the announcement.
Navra plans to use the Series A proceeds to build its AI infrastructure, expand the platform and increase customer and partner acquisition.
The company is currently working with design partners and plans a limited rollout to retail and institutional customers in late October.
White-label versions and embeddable modules are expected to follow.
KEY QUOTES:
“Blockchain DeFi protocols are the best foundation for the $6 trillion asset based finance market, but the real dollars haven’t moved over yet. Three major things have stood in the way of this migration: user experience, keyless qualified custody and enterprise control. Navra solves these.”
Mike Cagney, Co-Founder and CEO of Navra
“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. 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.”
Michael Tannenbaum, CEO of Figure
