Abound, a fintech platform catering to Indians living in the United States, raises $14 million

Abound, a fintech platform catering to Indians living in the United States, has raised $14 million in a seed funding round led by NEAR Foundation, with participation from Circle Ventures, Times Internet, and other investors. 

The funding marks Abound's first external capital raise since being incubated at Times Internet, the digital arm of The Times of India Group.

The investment is expected to accelerate Abound's mission of creating a seamless financial bridge between non-resident Indians (NRIs) and India, addressing long-standing gaps in cross-border financial services.

"Indians in America have a unique financial reality—one that spans two countries, two economies, and two currencies. Yet, the financial services available today weren't designed for their needs," said Nishkaam Mehta, CEO of Abound.

"We’re building a unified platform where our community can earn rewards, seamlessly send money home, and ultimately send, spend, save, invest, and borrow across borders—all in one app."

Bridging the financial divide for NRIs

Founded with the goal of simplifying money management for the global Indian diaspora, Abound integrates remittances, rewards, and next-generation financial services into a single digital-first platform.

The startup claims to have processed over $150 million in remittances and facilitated $87 million in rewards gross merchandise value (GMV), while experiencing 50% month-over-month revenue growth over the past six months.

With the fresh funds, Abound plans to expand its product suite, enhance its technology infrastructure, and grow its team across product, engineering, and operations. Notably, the startup is actively hiring for key roles as it scales its operations to support more than 500,000 users.

“The Indian-American community is the wealthiest ethnic group in the United States, with nearly twice the household income of the average American home. Yet, their unique financial needs remain deeply underserved,” said Satyan Gajwani, Vice Chairman of Times Internet.

“Abound is bringing a world-class digital product to this audience, offering a comprehensive solution for their daily financial needs.”

The growing market for NRI financial services

The global remittance market continues to expand, with India receiving over $125 billion in remittances in 2023, making it the largest recipient of cross-border funds worldwide. Despite this, NRIs face hurdles in accessing seamless banking, investment, and lending services across borders.

Abound seeks to eliminate these barriers by offering an all-in-one financial platform, tailored to the needs of Indian professionals, entrepreneurs, and students in the US. Beyond remittances, the startup plans to introduce digital investment products, lending solutions, and a rewards ecosystem that allows users to earn and redeem benefits for financial transactions.

“Our vision is to become the financial partner of choice for millions of Indians living abroad,” Mehta added. “This funding marks a significant step toward that goal as we continue to innovate and redefine how NRIs manage their money across borders.”