Abound Secures $14M Funding to Empower Indian Americans in Seamless Money Transfers Home
Abound, a cutting-edge remittance app launched by Times Internet in 2023, has successfully secured $14 million in its inaugural external funding round. This significant investment aims to enhance its services for the growing community of Indian expatriates in the United States.
Rising Remittance Flows to India
As the global Indian diaspora expands, remittance flows to India are witnessing substantial growth. In 2024, India recorded a remarkable $129.1 billion in remittances, capturing a 14.3% share of the global market, as noted in a World Bank report. Abound aims to leverage this upward trend through its innovative mobile app.
Understanding the Market Potential
“Indians are one of the largest immigrant groups in the U.S.,” stated Nishkaam Mehta, CEO of Abound. “The average Indian household income in the U.S. is approximately $150,000, significantly higher than the national average of $58,000. This highlights that Indian expats are often affluent yet underserved by existing financial products and services.”
Background and Development of Abound
Mehta, who previously led mobile strategy at Hulu, joined Times Internet in 2019 to develop a comprehensive “super app” tailored for non-resident Indians (NRIs). Initially branded as Times Club, Abound facilitates money transfers to India while offering rewards and cashback on various services, including:
- Live sports streaming
- Grocery shopping
- OTT subscriptions
The company is committed to expanding features that will allow users to access high-yield savings, India-focused investments, and cross-border credit solutions.
Innovative Business Model
In a recent interview, Mehta emphasized the role of banks in Abound’s framework, stating, “We envision a place for banks within our platform.” The app has already processed over $150 million in remittances, boasting more than 500,000 monthly users and experiencing a remarkable 50% month-over-month revenue growth since its launch.
Funding and Future Plans
The recent funding round, led by NEAR Foundation with contributions from Circle Ventures and Times Internet, is aimed at expanding Abound’s market presence and technological capabilities. Gajwani, vice chairman of Times Internet, highlighted the lack of tailored banking products for NRIs as a significant opportunity. He noted, “Traditional banks in the U.S. often overlook the financial needs of this demographic.”
Competitive Edge in the Remittance Market
Despite competition from established players like Western Union, PayPal, and MoneyGram, as well as newer entrants such as Remitly and Wise, Mehta believes Abound stands out by providing:
- Competitive exchange rates
- Rewards and cashback at approximately 5,000 Indian grocery stores
- Access to live-streamed cricket matches, the most popular sport in India
Looking Ahead
With a current team of 40, primarily based in India, Abound plans to increase its workforce and establish an executive presence in the U.S. The company also aims to explore markets like Canada, Singapore, and the UAE, which host significant NRI populations. However, Mehta emphasized that the immediate goal is to solidify their position in the U.S. before launching pilot programs in other international markets.
For more information about Abound and its services, visit the official Abound website.
