Remittance application Abound has successfully raised $14 million in a seed round from Circle Ventures and the Near Foundation. The app serves as a financial link between non-resident Indians (NRIs) and their homeland, having processed $150 million in remittances while boasting around 500,000 active monthly users.
What to know:
- Abound has processed $150 million in remittances.
- It caters predominantly to the Indian community abroad, aiming to bridge financial service gaps.
“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,” said Nishkaam Mehta, CEO of Abound. Translation: Indians in America face a distinct financial situation that involves two countries and two currencies, yet available financial services do not cater to their specific needs.
The funding will be utilized for scaling operations, including hiring for key positions and enhancing technology infrastructure.
“Stablecoins and digital payment ecosystems are revolutionizing finance globally, particularly for communities living abroad,” stated Jeremy Fox-Geen, CFO of Circle. Translation: The rise of stablecoins is changing the financial landscape, especially for diaspora communities.
