Abound, a fintech platform tailored for Indians residing in the United States, has successfully raised $14 million in a seed funding round led by the NEAR Foundation. The round also saw participation from Circle Ventures, Times Internet, and other prominent investors. This marks the company’s first external funding since its incubation at Times Internet, the digital arm of The Times of India Group.
The capital injection aims to propel Abound’s mission of creating a seamless financial bridge between non-resident Indians (NRIs) and their home country. The funds will be used to expand its product offerings, strengthen its technology infrastructure, and scale its team across product development, engineering, and operations. The company is actively hiring to accelerate its roadmap and deliver on its ambitious goals.
Founded with a vision to address the unique financial needs of Indian immigrants, Abound integrates remittances, rewards, and next-generation financial services into a single digital platform. It allows users to send, spend, save, invest, and borrow money across borders effortlessly. Since its inception, the platform has processed over $150 million in remittances and facilitated $87 million in gross merchandise value (GMV) through its rewards programme. With more than 500,000 users onboarded, Abound has recorded an impressive 50% month-on-month revenue growth over the past six months.
Nishkaam Mehta, CEO of Abound, highlighted the challenges faced by Indian-Americans navigating two economies and currencies. “Indians in America have a unique financial reality—one that spans two countries, two economies, and two currencies. Yet, the financial services available today weren’t designed for their needs. We’re building a unified platform where our community can earn rewards, seamlessly send money home, and manage their finances across borders—all in one app,” he stated.
Abound also leverages blockchain technology from NEAR to enhance scalability, security, and efficiency. The company plans to introduce innovative offerings such as high-yield savings products and cross-border credit solutions in the near future.
Also Read | Findi Raises INR 243 Crore to Transform Fintech Operations in India
Satyan Gajwani, Vice Chairman of Times Internet, emphasised the untapped potential within this demographic. “The Indian-American community is the wealthiest ethnic group in America with nearly double the household income of the average American home. Yet their unique needs remain deeply underserved. Abound is bringing a world-class digital product to this audience that can meet a wide variety of their daily financial needs,” he said.
By focusing on product innovation and customer experience, Abound aspires to redefine how NRIs manage their finances between the US and India. With this funding milestone, it is well-positioned to become a trusted financial partner for millions of Indians living abroad.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
