Abound, a remittance app, has secured $14 million in funding from crypto giants Circle Ventures and the Near Foundation in its seed round.
The app’s goal is to serve as a financial link between non-resident Indians (NRIs) and India, having processed $150 million in remittances with around 500,000 monthly active users. Abound is backed by the digital division of the Times of India Group, one of the largest news agencies in the country.
“Indians in America face a unique financial situation – navigating two countries, two economies, and two currencies. Existing financial services do not cater to their specific needs,” said Nishkaam Mehta, CEO of Abound, in a statement.
The funding will be utilized to expand the business by recruiting for key positions and improving its technological infrastructure, according to a press release.
Jeremy Fox-Geen, Circle’s CFO, highlighted in a statement that stablecoins and digital payment systems are transforming global finance, particularly for diaspora communities.
Circle is responsible for USDC, a stablecoin tied to the U.S. dollar with a market cap of $59 billion. A 2024 report revealed that the stablecoin sector settled $10.8 trillion in transactions in 2023, with $2.3 trillion related to payments and cross-border remittances.
