Finance app Abound grabs $14M in seed funding led by NEAR Foundation
Abound plans to use the fresh funds to expand its product offerings, enhance its technology infrastructure, and grow its team.
Abound, a finance app for Indians residing in the US, secured $14 million in a seed round led by NEAR Foundation. The round also saw participation from Circle Ventures, Times Internet, and others.
This is the company’s first external investment since its incubation at Times Internet, the digital arm of The Times of India Group.
With the fresh funds, Abound plans to accelerate its mission of creating a seamless financial bridge between the non-resident Indians (NRIs) and India, the company said in a statement.
It plans to use the funds to expand its product offerings, enhance its technology infrastructure, and grow its team across product, engineering, and growth. Additionally, it is actively hiring for key roles to scale its operations and accelerate its roadmap, it added.
"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 ultimately send, spend, save, invest, and borrow across borders—all in one app,” said Nishkaam Mehta, CEO of Abound, in a statement.
Abound, which integrates remittances, rewards, and next-gen financial services into one seamless, digital-first consumer experience, has processed more than $150 million in remittances and facilitated $87 million in rewards GMV, it noted.
Additionally, the company said that it has seen 50% month-on-month revenue growth over the past six months, with more than 500,000 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…Abound is bringing a world-class digital product to this audience that can serve a wide variety of their daily needs,” said Satyan Gajwani, Vice Chairman, Times Internet.
Edited by Kanishk Singh