Abra, a crypto investment app provider based in the US, has appointed a chief financial officer (CFO) as the firm says it's going through a period of rapid growth.
Justin McMahan, a former managing director and global treasurer at the high-frequency trading Tower Research Capital, has joined Abra as its CFO effective immediately. Before Tower Research, McMahan worked at investment firm Serengeti Asset Management and Morgan Stanley in his over 20-year career.
McMahan is Abra's first CFO, an Abra spokesperson told The Block. He will focus on expanding Abra's finance and operations team as the company is going through "hyper-growth," said the spokesperson. Abra says its active users grew over 300% in 2021 from the year prior and transaction volume increased more than 660% during that same time, but the spokesperson declined to provide absolute numbers.
Founded in 2014, Abra provides crypto brokerage, deposit and lending services to both retail and institutional clients. The firm claims to have processed over $1 billion in crypto-backed loans and paid millions of dollars in interest payments to clients.
Abra is backed by notable investors, including Foxconn and American Express. It has raised $85 million in total funding to date. When asked if the firm is looking to raise more funds in the near future, the Abra spokesperson said the company is profitable, but it will likely seek additional capital this year. They declined to comment on Abra's initial public offering or IPO plans.