The remittance application Abound has secured $14 million in a seed funding round, backed by significant investments from notable players in the cryptocurrency sector, including Circle Ventures and the Near Foundation.
This app aspires to serve as a financial connection for non-resident Indians (NRIs) to their home country, having already facilitated $150 million in remittances and boasting around 500,000 active users each month. Abound is being nurtured by the digital division of one of India’s leading news organizations.
“Indians living in America encounter a distinct financial landscape—one that encompasses two nations, two economies, and two currencies. Unfortunately, the financial services now available do not cater to their specific needs,” explained Nishkaam Mehta, the CEO of Abound, in an announcement.
The newly acquired funds will focus on expanding the company’s workforce in crucial positions and improving its technological framework, according to a press release.
Jeremy Fox-Geen, CFO of Circle, remarked that stablecoins and digital payment solutions are transforming global finance, particularly impacting diaspora communities.
Circle is known for issuing USDC, a stablecoin linked to the U.S. dollar, which currently has a market capitalization of $59 billion. A report from 2024 highlighted that the stablecoin industry facilitated $10.8 trillion in transactions in 2023, with $2.3 trillion dedicated to payments and cross-border remittances.