Significant Funding for Abound
Abound, a cutting-edge remittance application, has successfully secured $14 million in seed funding, thanks to substantial investments from prominent players in the crypto space: Circle Ventures and the Near Foundation. This financial boost is set to propel Abound’s mission of connecting non-resident Indians (NRIs) with their homeland.
A Bridge for the Indian Diaspora
The primary goal of Abound is to serve as a financial bridge between NRIs and India. With a remarkable track record of processing $150 million in remittances to date, the app has attracted about 500,000 monthly active users. Abound is proudly incubated by the digital arm of the Times of India Group, one of the largest and most respected media organizations in the country.
Understanding the Unique Financial Needs
Nishkaam Mehta, the CEO of Abound, emphasized the distinct financial landscape faced by Indians living abroad. “Indians in America have a unique financial reality — one that spans two countries, two economies, and two currencies,” Mehta stated. He noted that traditional financial services often fall short of meeting the specific needs of this demographic, highlighting the necessity for tailored solutions.
Plans for Growth and Development
The recent investment will be instrumental in scaling Abound’s operations. The funding will be allocated towards hiring key personnel and enhancing the technology infrastructure of the app. This strategic expansion aims to provide even better services to users and improve the overall experience of sending and receiving remittances.
Revolutionizing Finance with Stablecoins
Jeremy Fox-Geen, Chief Financial Officer of Circle, expressed his excitement about the potential of stablecoins and digital payment infrastructures to transform global finance, particularly for diaspora communities. The rise of digital currencies is paving the way for more efficient and accessible financial solutions.
The Impact of Stablecoins
Circle is known for issuing USDC, a widely used stablecoin that is pegged to the U.S. dollar and boasts a market capitalization of $59 billion. A recent report highlighted that the stablecoin sector facilitated an impressive $10.8 trillion in transactions during 2023, with $2.3 trillion specifically related to payments and cross-border remittances. This statistic underscores the growing importance and influence of stablecoins in the financial ecosystem, particularly for international money transfers.
In summary, the investment in Abound marks a significant step towards enhancing financial services for the Indian diaspora, offering innovative solutions designed to meet their unique needs in a globalized economy.
