Abound, a financial services platform originally developed under Times Internet, has secured $14 million in seed funding to expand its offerings for Indian expatriates in the U.S. The app, which spun off as an independent entity in 2023, focuses on simplifying cross-border transactions while integrating rewards and lifestyle benefits tailored to the Indian diaspora.
India remains the world’s largest recipient of remittances, receiving over $129 billion in 2024 alone. Abound aims to capitalize on this growing market by addressing the financial needs of high-earning Indian-American households, which often lack specialized banking solutions. The platform combines money transfers with perks such as cashback at Indian grocery stores, live cricket streaming, and discounts on popular OTT subscriptions.
CEO Nishkaam Mehta, a former Hulu executive, emphasized the company’s unique approach: “By partnering with The Times of India’s global audience and leveraging local advertisers, we offset customer acquisition costs. This allows us to offer competitive exchange rates while building a comprehensive ecosystem for our users.”
Since its launch, Abound has processed over $150 million in remittances through its 500,000+ monthly active users. The platform’s revenue has grown consistently at 50% month-over-month, with remittance volumes increasing by 15% each month. Recent funding, led by NEAR Foundation and Circle Ventures, will support infrastructure development and international expansion plans.
The company differentiates itself from competitors like Wise and Remitly by integrating financial services with cultural touchpoints. Users can access high-yield savings accounts, India-focused investment opportunities, and cross-border credit solutions alongside lifestyle benefits. Future plans include pilot programs in Canada, Singapore, and UAE – key markets with large Indian expat communities.
Satyan Gajwani of Times Internet highlighted the strategic advantage: “Traditional banks overlook the specific needs of NRIs. Abound’s model creates a dedicated financial hub that combines essential services with community-focused rewards.” With continued support from its parent company’s 50-million-strong global audience, Abound is positioned to redefine financial services for diaspora populations worldwide.
