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Abound, a remittance app spun off by Times Internet in 2023, has secured $14 million in its first external funding round to expand its reach among Indian expats in the U.S.
## Seizing the Opportunity
Remittance flows to India are on the rise, with the country recording $129.1 billion in remittances in 2024, topping the global charts. Abound aims to tap into this growth by offering a mobile app tailored for Indian expats.
## A Wealthy, Underserved Market
CEO Nishkaam Mehta highlighted the untapped potential of Indian expats in the U.S., emphasizing the need for products and services designed for this affluent demographic. With experience at Hulu and a vision for a “super app” for nonresident Indians, Mehta leads Abound’s mission.
## A Unique Approach
Originally named Times Club, Abound allows users to send money to India, earn rewards, and access cash back on various services. The company plans to expand its offerings to include high-yield savings, India-focused investments, and cross-border credit solutions in the future.
Abound’s innovative model has attracted over 500,000 monthly transacting users, processing over $150 million in remittances. With a focus on competitive exchange rates, rewards, and cash back, Abound aims to stand out in a crowded market of remittance platforms.
Abound’s recent funding round, led by NEAR Foundation, will fuel the company’s expansion efforts, enhancing its offerings and technological infrastructure. With plans to cement its presence in the U.S. market before exploring foreign markets, Abound is set to revolutionize how Indian Americans send money back home.
