Navra raises $19 million to bridge institutional capital to DeFi

Navra, co-founded by Mike Cagney, has raised $19 million in a Series A round to solve the usability, custody, and enterprise control barriers that currently prevent institutional capital from entering decentralized finance. Cagney highlighted the scale of the problem, noting that Figure puts over $2.5 billion in assets on-chain monthly. He argued that if these assets remained on-chain, they would exhaust the entire available DeFi pool in three months, given current liquidity levels of billions on Morpho, $6 billion on Aave, and $1 billion on Democratize Prime.

The company builds a common wallet experience that aggregates data from various DeFi protocols, eliminating the need for users to log into each protocol individually. To satisfy qualified custodian requirements, Navra utilizes multi-party computation for keyless custody, making a qualified custodian entity necessary for signing transactions without holding the assets directly. The platform also supports enterprise controls for multi-user wallets and integrates AI agents for yield optimization and tax reporting. Although Figure is an investor and strategic partner, Navra maintains its distinct identity to ensure neutral access to competing DeFi protocols. Early users include large institutions and Figure’s 350,000 loan customers, who will service loans via Navra and pay in stablecoins. Cagney posits that this focus on user experience and regulatory-compliant custody is essential to move the $6 trillion asset-based finance market on-chain.