Money is held on the Abra wallet and your Abra wallet is held privately on your phone. The Abra wallet is a non-custodial cryptocurrency wallet that allows you to see the value of your funds in any fiat currency you choose. Abra has no access (ever) to the private keys that reference your funds. The Abra model is 100% peer-to-peer, with no middleman ever holding, managing or touching your funds at any point in any transaction.
In order to safeguard the funds held on your Abra wallet, it's imperative to create a backup and save your recovery phrase in a safe place. In the event, a phone is broken, stolen, lost or the app is deleted accidentally our company never has access to your funds or the associated recovery phrase.