Key Takeaways
- • Navra, a Las Vegas-based financial technology company led by SoFi and Figure co-founder Mike Cagney, closed an oversubscribed $19 million Series A round led by Ribbit, according to a Business Wire announcement.
- • Other participants include founding Figure investors Baseline and DCM, plus strategic investors Jump Crypto and Figure Technology Solutions.
- • Navra is positioned as a bridge between traditional finance and blockchain, offering retail and institutional users a single interface to on-chain yield protocols and cash rails.
- • Figure is Navra's first blockchain partner; Navra has integrated Figure's Democratized Prime yield protocol and YLDS, which the company describes as the first SEC-registered yielding stablecoin.
- • A limited rollout to retail and institutions is slated for late October, with white-label app and embeddable module availability to follow.
Summary
Navra, a financial technology company led by Mike Cagney, co-founder of SoFi and Figure, has closed an oversubscribed $19 million Series A funding round led by Ribbit, according to a Business Wire announcement. Baseline and DCM, which were founding Figure investors, also participated, alongside strategic investors Jump Crypto and Figure Technology Solutions. Several reports describe the round as a bid to link traditional finance with decentralized finance and on-chain lending.
According to the company, Navra's product is designed to give both retail investors and institutions access to blockchain through a single desktop and mobile application. The platform provides direct on-chain access to yield protocols and cash rails through keyless self-custody that the company says satisfies qualified custody requirements, along with an embedded AI agent. For institutions, Navra offers enterprise team management, full audit trails, and integration with fund accounting and administrators. Navra also offers white-label partnerships.
In Cagney's words, DeFi protocols are the best foundation for the $6 trillion asset-based finance market, but "the real dollars haven't moved over yet." He identified user experience, keyless qualified custody, and enterprise control as the barriers Navra aims to remove. Figure CEO Michael Tannenbaum said Figure's ecosystem is putting more than $2 billion a month of real-world assets on blockchain and that Navra could help finance those assets through DeFi. Navra named Figure as its first blockchain partner, has integrated Figure's Democratized Prime yield protocol and YLDS stablecoin, and is working with Figure on integrating Figure's trading markets.
Navra describes itself as an AI-native company and says proceeds will fund AI infrastructure, platform expansion, and customer and partner acquisition. The company is working with design partners and plans a limited rollout in late October. Interested users can join a waiting list at navra.com.
According to the company, Navra's product is designed to give both retail investors and institutions access to blockchain through a single desktop and mobile application. The platform provides direct on-chain access to yield protocols and cash rails through keyless self-custody that the company says satisfies qualified custody requirements, along with an embedded AI agent. For institutions, Navra offers enterprise team management, full audit trails, and integration with fund accounting and administrators. Navra also offers white-label partnerships.
In Cagney's words, DeFi protocols are the best foundation for the $6 trillion asset-based finance market, but "the real dollars haven't moved over yet." He identified user experience, keyless qualified custody, and enterprise control as the barriers Navra aims to remove. Figure CEO Michael Tannenbaum said Figure's ecosystem is putting more than $2 billion a month of real-world assets on blockchain and that Navra could help finance those assets through DeFi. Navra named Figure as its first blockchain partner, has integrated Figure's Democratized Prime yield protocol and YLDS stablecoin, and is working with Figure on integrating Figure's trading markets.
Navra describes itself as an AI-native company and says proceeds will fund AI infrastructure, platform expansion, and customer and partner acquisition. The company is working with design partners and plans a limited rollout in late October. Interested users can join a waiting list at navra.com.
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