Abound: The Financial Super-App for Indians in the US Raises $14 Million
Abound, a financial super-app tailored for the Indian community in the US, has successfully raised $14 million in a seed funding round spearheaded by NEAR Foundation, alongside notable contributions from Circle Ventures and Times Internet, among others.
This funding round signifies the first external investment for Abound following its incubation at Times Internet, the digital division of The Times of India Group. Earlier in July 2023, Abound secured $10 million from the Times Group to broaden its remittance services.
The new capital will be directed towards enhancing product offerings, improving technological infrastructure, and expanding the team in areas such as product development, engineering, and growth, according to Abound’s recent press statement.
A Unified Financial Platform
Founded by Nishkaam Mehta, Abound serves as a comprehensive platform where users can earn rewards, send money back home, and manage their financial activities. This all-in-one app enables users to send, spend, save, invest, and borrow across borders seamlessly. The company chose NEAR as its blockchain foundation due to its leading capabilities in scalability, efficiency, and resilience, which facilitate a user-friendly experience while upholding essential security and transparency.
Impressive Growth Metrics
Abound boasts the impressive feat of processing over $150 million in remittances and generating $87 million in rewards GMV, showcasing considerable traction within the market. The firm also indicates a remarkable 50% revenue growth month-on-month over the past six months, complemented by a growing user base exceeding 500,000 individuals.
Redefining Financial Services
Abound’s mission is to transform the perception of financial platforms catering to the Indian diaspora. Unlike conventional banking services that often overlook cross-border financial needs, Abound integrates remittances, rewards, and innovative financial offerings into a digital-first consumer experience, setting a new standard in the financial technology industry.