Abound Raises $14M in Seed Funding, Aims for Global Expansion

Abound, a financial super-app designed for Indians living in the United States, has successfully completed a $14 million seed funding round. The NEAR Foundation led the investment, with additional support from Circle Ventures and Times Internet. This funding round marks Abound's first external investment since its launch under Times Internet, the digital arm of The Times of India Group. Earlier in July 2023, the startup had secured $10 million from the Times Group to enhance its remittance services.

The newly raised capital will be used to expand Abound's product offerings, improve its technological infrastructure, and strengthen its team across various departments, including product development, engineering, and growth. Founded by Nishkaam Mehta, Abound offers a comprehensive platform where users can earn rewards, send money back home, and manage their finances efficiently. The app integrates features such as sending, spending, saving, investing, and borrowing across borders, all within a single application. Abound has chosen NEAR as its blockchain foundation due to its superior scalability, efficiency, and resilience, ensuring a smooth user experience while maintaining high levels of security and transparency.

Abound has already shown significant growth, processing over $150 million in remittances and facilitating $87 million in rewards GMV. The platform has reported a 50% month-on-month revenue growth over the past six months, with a user base exceeding 500,000. Abound's vision is to redefine the financial experience for the Indian diaspora by integrating remittances, rewards, and next-generation financial services into a digital-first consumer experience. Unlike traditional banking services that often overlook cross-border finance, Abound aims to provide a seamless and integrated solution for its users.