Circle Ventures and NEAR Foundation Invest $14M in Abound to Expand Remittance Services
- Abound raises $14M to scale remittance services for 500,000 monthly active users.
- Circle Ventures and NEAR Foundation back Abounds growth in cross-border finance.
- Abound processes $150M in remittances targeting Indian expats financial needs.
The remittance app Abound which serves Indian immigrants in the United States successfully secured $14 million through seed funding. Leading investors including Circle Ventures and the NEAR Foundation, supported the fundraising. The company aims to bridge financial services between the U.S. and India. Notably, it has processed over $150 million in remittances and also reached 500,000 monthly active users.
The funding from Circle Ventures and the NEAR Foundation enables Abound to develop new features and improve technology systems to meet the financial demands of its expanding user community. The application targets Indian immigrants by delivering simple cross-border financial solutions that address their specific requirements during interactions with two countries currencies and economies.
Remittance Focus and Expansion Plans
Abound has made a mark by enabling fast and affordable remittance services for Indians in the U.S. The application provides funds transfer services to India and rewards its users through cashback systems for streaming platforms and shopping activities. Furthermore, the company processed $150 million worth of remittances while enjoying 50% monthly revenue growth which positioned Abound as an important player in its market.
Beyond traditional remittance services, the company aims to provide a comprehensive digital platform where users can seamlessly send, spend, save, invest, and borrow money. Abound CEO Nishkaam Mehta stated in a public announcement that the company requires a product designed for Indian expats in the U.S. who need specialized financial solutions for their two-nation management requirements. The platform plans to provide high-yield savings and investment options specifically serving the Indian market.
Circle Ventures and Strategic Partnerships for Future Growth
Abound has gained increasing investor interest as demonstrated by the recent fundraising initiative backed by the NEAR Foundation and Circle Ventures. Circle CFO Jeremy Fox-Geen asserted that stablecoins and digital payment structures are transforming global financial systems especially for diaspora communities. The newly formed partnership will push Abounds market growth and strengthen its position.
Abounds growth strategy also includes expanding its team across product, engineering, and growth sectors. The company plans to grow its operations by utilizing the parent company Times Internets digital assets and strategic resources. Abound has established a global market strategy to reach regions where numerous Indians live, such as Canada, Singapore and the United Arab Emirates.
Western Union, MoneyGram and PayPal comprise the competitive remittance field where Abound operates. The companys approach stands out from competitors since it delivers features beyond basic transfer capabilities. The app unites remittance services with grocery store rewards and cashback at 5,000 locations while enabling users to stream sports events especially cricket due to Indias interest for the sport. The combination of unique features positions Abound to outperform competitors in attracting and retaining users.
Read more: https://www.tronweekly.com/circle-and-near-foundation-invest-14m-in-abound/
Text source: TronWeekly
