Introduction
Abound, a finance app designed for Indians living in the US, has raised $14 million in a seed funding round led by NEAR Foundation. Other investors, including Circle Ventures and Times Internet, also participated in the round. This marks the company’s first external funding since its incubation at Times Internet, the digital arm of The Times of India Group.
With this fresh capital, Abound Finance App Funding aims to strengthen its mission of creating a seamless financial bridge between non-resident Indians (NRIs) and India. The funds will be used to enhance its product offerings, upgrade its technology infrastructure, and expand its team across product, engineering, and growth. The company is actively hiring for key roles to scale its operations and accelerate its roadmap.
Why Abound Matters in the Financial Space
NRIs in the United States face a unique financial reality—they manage finances across two countries, two economies, and two currencies. However, existing financial services are not tailored to meet their specific needs. Abound is stepping in to fill this gap by offering a unified platform that combines rewards, remittances, and comprehensive financial solutions in a seamless digital experience.
CEO Nishkaam Mehta highlights the company’s vision, stating that Abound aims to create a financial ecosystem where users can send money home, earn rewards, and ultimately spend, save, invest, and borrow—all within one app.
The Seed Funding and Investor Interest
The $14 million seed round was led by NEAR Foundation, a key player in fintech investments. Other notable participants included Circle Ventures and Times Internet. With this capital, Abound is positioned to scale its operations, expand its product portfolio, and improve its technology.
The company’s growth strategy includes enhancing user acquisition efforts, investing in technology, and continuously improving the platform’s offerings. The funding is expected to accelerate product innovation and customer engagement.
The Growing Market for NRI Financial Services
The financial needs of NRIs are growing, with increasing demand for seamless cross-border money management. Many Indians in the US regularly send remittances, invest in Indian assets, and manage savings across both countries.
With the rise of digital banking and fintech advancements, there is a clear need for platforms that offer convenience, security, and efficiency. Abound’s approach to integrating multiple financial services into a single app makes it a strong contender in this expanding market.
What Makes Abound Unique?
Abound stands out in the fintech space by offering:
- Seamless Remittances – Fast, cost-effective money transfers between the US and India.
- Reward System – Users earn benefits through financial transactions.
- Multi-Currency Transactions – Easy management of funds across different currencies.
- Comprehensive Financial Services – Options for saving, investing, and borrowing, all in one platform.
- Advanced Security – Strong encryption and regulatory compliance for user protection.
Impressive Growth and Performance
Abound has already made significant progress in the fintech industry. More than $150 million in remittances have been processed, and the platform has facilitated $87 million in rewards transactions. Over the past six months, the company has reported 50% month-on-month revenue growth, demonstrating strong customer demand.
With more than 500,000 users, Abound is rapidly expanding its reach. As more NRIs turn to digital financial solutions, the company’s innovative approach continues to gain traction.
Future Plans and Expansion Strategy
Following the successful funding round, Abound is focused on:
- Expanding Product Offerings – Introducing new features that enhance user experience.
- Strengthening Technology Infrastructure – Ensuring smooth and secure transactions.
- Growing the Team – Hiring top talent in product development, engineering, and strategy.
- Increasing Customer Acquisition – Implementing marketing strategies to attract more users.
- Building Strategic Partnerships – Collaborating with financial institutions to improve services.
Competing in the Fintech Industry
The fintech space for NRIs is becoming increasingly competitive. Many companies offer remittance services, but few provide an all-in-one financial ecosystem like Abound. Its ability to combine rewards, remittances, and financial management into a single platform sets it apart from competitors.
Commitment to Security and Compliance
Fintech companies handling cross-border transactions must meet strict regulatory standards. Abound follows industry best practices to ensure secure and compliant operations.
Key security measures include:
- End-to-End Encryption – Protecting financial data and transactions.
- Regulatory Compliance – Adhering to legal requirements in both the US and India.
- Fraud Prevention Systems – Using AI-powered security protocols to detect and prevent fraud.
Conclusion
With $14 million in fresh funding, Abound is well-positioned to revolutionize financial services for NRIs. Backed by strong investors and an ambitious expansion plan, the company is on track to become a major player in the fintech industry.
As digital finance continues to evolve, Abound remains committed to delivering secure, efficient, and rewarding financial solutions. With a rapidly growing user base and continuous innovation, the future looks bright for Abound as it expands its impact in the financial technology space.
