Finance, India, Remittances, Circle, Near The app presently has 500,000 month-to-month actively customers.
Remittance app Abound raised $14 million in a seed spherical following funding from crypto heavyweights Circle Ventures and the Near Foundation.
The app goals to be a monetary bridge between non-resident Indians (NRIs) and India, and has processed $150 million value of remittances with about 500,000 month-to-month lively customers. Abound is incubated by the digital arm of the Times of India Group, one of many nation’s largest information businesses.
“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,” mentioned Nishkaam Mehta, CEO of Abound, in an announcement.
The funding shall be used to scale the enterprise by hiring in a number of key roles and enhancing its expertise infrastructure, a press launch mentioned.
Jeremy Fox-Geen, Circle’s CFO, added in an announcement that stablecoins and digital cost infrastructure are revolutionizing world finance, particularly for diaspora communities.
Circle is the issuer of USDC, a stablecoin pegged to the U.S. greenback that has a market cap of $59 billion. A 2024 report outlined that the stablecoin sector had settled $10.8 trillion value of transactions in 2023, of which $2.3 trillion have been associated to funds and cross-border remittances.
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