PC: Tech in Asia
The financial super-app Abound successfully obtained $14 million during its seed funding period to serve Indians living in the United States. NEAR Foundation served as the principal investor in this funding round which received substantial support from Circle Ventures and Times Internet and several other financial entities. Since its Founding under Times Internet but as part of The Times of India Group Abound has obtained its initial external funding.
During July 2023 Abound obtained $10 million from the Times Group to enhance its remittance services. The startup plans to leverage its new funding to develop its product range while building topical technological capabilities and expanding their staff base in engineering departments and product teams and growth teams.
A Unified Financial Platform
US Indian population now benefits from the financial management solution Abound which was developed by Nishkaam Mehta. Through its app users gain power to manage their finances by sending money while spending and saving and investing and borrowing across international borders. Through Abound users can accumulate rewards during money transfer operations as the platform integrates advanced financial options with international remittance services.
NEAR blockchain technology supports this platform because it delivers powerful characteristics of scalability, efficiency and resilience. Abound’s foundation provides users with both a secure financial environment and transparent system and excellent user experience.
Impressive Growth and Achievements
Abound has achieved significant traction since its launch, with over $150 million in remittances processed and $87 million in rewards GMV facilitated. The startup has also reported a remarkable 50% month-on-month revenue growth over the last six months, with a user base that has now surpassed 500,000.
Such impressive metrics highlight the growing trust and adoption of Abound among the Indian diaspora. Its ability to integrate remittances, rewards, and financial services into a digital-first consumer experience sets it apart from traditional banking solutions, which often treat cross-border finance as a secondary offering.
Vision for the Future
Abound exists to transform American financial services toward better support of Indian immigrants through specialized solutions for their specific issues. Traditional banking structures show limited commitment to international financial requirements which produces empty space within the market. Abound has established its mission to unite modern technology with solutions made for users by creating an all-encompassing financial platform.
The $14 million seed funding stands vital for moving forward with this vision. Through its expanding range of services and improved infrastructure Abound will improve the financial success of its users while establishing itself as a leading financial service provider for diasporic Indians.
Abound shows strong potential to revolutionize cross-border financial services operations because of its innovative business strategy and rapid expansion plans.
