Abound, a remittance app spun off from Times Internet in 2023, has raised $14 million in its first external funding round to expand its reach among Indian expatriates in the U.S.
With remittance flows to India surging, Abound aims to tap into this growing market. In 2024, India received $129.1 billion in remittances, representing 14.3% of the global total, according to a World Bank report.
“Indians are one of the largest immigrant groups in the U.S., with an average household income of about $150,000—much higher than the U.S. average of $58,000. Despite their affluence, they remain underserved when it comes to financial products tailored for them,” said Abound CEO Nishkaam Mehta in an interview.
Mehta, a former Hulu executive who led mobile strategy and growth, joined Times Internet in 2019 after discussions with its vice chairman, Satyan Gajwani, about creating a “super app” for non-resident Indians (NRIs). Incubated within Times Internet, Abound was initially known as Times Club before rebranding.
The app allows users to send money to India while earning rewards and cashback on various services, including grocery shopping, live sports streaming, and OTT subscriptions. The company also plans to introduce high-yield savings, India-focused investments, and cross-border credit solutions.
Abound claims to have processed over $150 million in remittances, with more than 500,000 monthly transacting users. The company reports a 50% month-over-month revenue increase since launch, while its remittance volume has grown by 15% monthly, processing between $110 million and $120 million in the past year.
The startup generates revenue from both foreign exchange spreads on remittances and advertising through its rewards system. “Unlike competitors that rely solely on exchange rates to attract customers, we leverage our rewards partnerships with Times of India and other advertisers, reducing our customer acquisition costs,” Mehta explained.
Abound’s $14 million seed round, an all-equity deal, was led by NEAR Foundation, with participation from Circle Ventures, Times Internet, and other investors. The company plans to use the funding to expand its presence, enhance its offerings, and improve its technology infrastructure.
“Traditional U.S. banks don’t cater to the unique financial needs of NRIs. We see a major opportunity to bridge this gap,” said Gajwani. Times Internet remains Abound’s largest stakeholder and will continue leveraging its strategic assets to fuel the app’s growth.
The remittance market is highly competitive, with established players like Western Union, PayPal, and MoneyGram, as well as newer fintechs like Remitly and Wise. However, Mehta believes Abound has an edge by offering not just competitive exchange rates but also rewards, cashback at 5,000 Indian grocery stores, and access to live-streamed cricket—India’s most popular sport.
Abound currently has a 40-member team, primarily based in India, and plans to expand its workforce while setting up an executive team in the U.S. The company is also eyeing expansion into Canada, Singapore, and the UAE, but its immediate focus is solidifying its presence in the U.S. before testing international markets.
