Navra, the new startup from SoFi and Figure co-founder Mike Cagney, raises a $19M Series A led by Ribbit Capital

Navra has closed an oversubscribed $19 million Series A led by Ribbit Capital, with participation from Baseline, DCM, Jump Crypto and Figure Technology Solutions.

The Las Vegas company is led by co-founder and CEO Mike Cagney, who co-founded SoFi and Figure. It is building a single interface that gives retail and institutional users access to multiple blockchain venues, directly or through white-label partners, with on-chain yield protocols, cash rails, keyless self-custody and an embedded AI agent.

Cagney's argument is that DeFi protocols are the right foundation for the $6 trillion asset-based finance market but real dollars have not moved on-chain because of three gaps: user experience, keyless qualified custody and enterprise controls. The funding goes to AI infrastructure and the platform.

The read: the founder who took home-equity lending on-chain at Figure now wants to do the distribution layer.