Iris Raises $40M to Expand ALVA Onchain Finance on Avalanche

Iris, an Avalanche L1, has raised more than $40 million to expand ALVA's onchain financial services, avax announced on 2026-09-16.

ALVA is a mobile app that lets users browse, stream, shop, message, and pay bills without drawing on their mobile data allowance. Iris operates as a dedicated Avalanche layer-1 built to support the application.

Live in Bolivia, Expanding Across Six Countries

ALVA is already in production through VIVA in Bolivia, where it serves more than 3 million mobile subscribers. The project has also signed agreements with telecommunications operators representing over 60 million subscribers across six countries, according to the announcement.

The funding and operator agreements position ALVA's consumer telco offering as one of the larger real-world deployments running on Avalanche infrastructure, alongside the network's recent institutional and government integrations.

What to Watch

The announcement did not disclose which six countries the operator agreements cover, a timeline for new market launches, or the identity of the investors backing the 40 million raise. Details on how ALVA's onchain financial services will be priced or monetized across operator partners also remain unstated.

avax framed the raise as part of a broader push toward everyday consumer applications built on the network, describing the effort as "everyday people, everyday apps, all built on Avalanche."