Abound, a remittance application spun off from Times Internet in 2023, has successfully raised $14 million in its first external funding round. This investment aims to expand its services to a larger segment of Indian expatriates residing in the United States.
India has consistently led global remittance inflows, recording $129.1 billion in 2024, which accounts for 14.3% of the worldwide market, according to a World Bank report. This substantial figure underscores the significant financial contributions of the Indian diaspora.
Nishkaam Mehta, CEO of Abound, highlighted the economic standing of Indian immigrants in the U.S., noting that their average household income is approximately $150,000, compared to the national average of $58,000. Despite this affluence, Mehta pointed out a lack of tailored financial products and services for this demographic.
Mehta, who previously served as head of mobile strategy and growth at Hulu for over four years, joined Times Internet in 2019. His collaboration with Satyan Gajwani, vice chairman of Times Internet, led to the creation of a “super app” designed specifically for non-resident Indians. This initiative culminated in the launch of Abound, formerly known as Times Club.
Abound offers a comprehensive suite of services, including money transfers to India, rewards programs, and cashback on various services such as live sports streaming, grocery shopping, and over-the-top (OTT) subscriptions. The company has plans to introduce additional features like high-yield savings accounts, India-focused investment opportunities, and cross-border credit solutions.
Mehta envisions integrating traditional banks into Abound’s platform, enhancing the app’s role as a financial hub for Indian expatriates. Since its inception, Abound has processed over $150 million in remittances from more than 500,000 monthly transacting users, with a reported 50% month-over-month revenue growth.
The company’s remittance volume has seen a consistent 15% monthly increase, processing between $110 million to $120 million in the past year. Abound generates revenue through advertising linked to its rewards program and the foreign exchange spread on remittances. Mehta emphasized the potential for growth in the foreign exchange sector, noting that The Times of India’s extensive online reach outside India aids in user acquisition and offers diverse rewards.
The recent seed funding round, comprising all-equity investments, was led by NEAR Foundation, with participation from Circle Ventures, Times Internet, and other investors. The capital infusion is intended to bolster Abound’s market presence, diversify its offerings, and enhance its technological infrastructure.
Mehta observed that traditional U.S. banks often overlook the specific financial needs of Indian expatriates, as there are few banking products tailored to this segment. Abound aims to fill this gap by providing a platform that addresses the unique requirements of Indian Americans, offering a seamless and rewarding financial experience.
