New Delhi: Abound, the financial super-app designed for Indians in the US, has raised $14 million in seed funding to accelerate its goal of creating a seamless financial bridge between the non-resident Indians (NRIs) and India.
Led by NEAR Foundation, with participation from Circle Ventures, Times Internet and others, this round marks Abound’s first external investment since its incubation at Times Internet, the digital arm of The Times of India Group.
The company has already processed over $150 million in remittances and facilitated $87 million in rewards GMV, demonstrating significant traction. Abound has seen 50% month-on-month revenue growth over the last 6 months, with over 5 lakh users.
“The Indian American community is the wealthiest ethnic group in America, with nearly 2x the household income of the average American home, and yet their unique needs are deeply underserved,” said Satyan Gajwani, vice chairman, Times Internet. “Abound is bringing a world-class digital product to this audience that can serve a wide variety of their daily needs.” With this funding, Abound will expand its product offerings, enhance its technology infrastructure, and grow its team across product, engineering, and growth.
