Abound Raises $14 Million to Expand Fintech Platform for Indian Expats

April 1st, 2025 – Abound, a fintech app offering a range of services including money transfers, rewards, and access to local Indian services, has successfully raised $14 million in its first external funding round. The funds will be used to expand the app’s reach and enhance its all-in-one platform, with a primary focus on serving Indian expatriates in the U.S.

Growth in the Remittance Market

The remittance market has experienced significant growth in recent years, particularly as the Indian diaspora continues to expand globally. In 2024, India recorded $129.1 billion in remittances, topping global charts and capturing 14.3% of the global remittance market share, according to a World Bank report.

Abound aims to capitalize on this surge by offering a mobile app tailored to the needs of Indian expats, offering seamless money transfers alongside other value-added services like rewards and local access.

Targeting Affluent Indian Expats in the U.S.

Abound’s target market is primarily the affluent Indian expat community in the U.S., which is one of the largest immigrant groups in the country. According to CEO Nishkaam Mehta, Indian households in the U.S. typically earn around $150,000 on average—far higher than the overall U.S. household income of $58,000.

“The Indian expat community is wealthy, affluent, and vastly underserved when it comes to financial products and services that cater specifically to them,” Mehta said in an interview. He emphasized the potential of the Indian diaspora as an underserved but highly lucrative market.

Abound’s Competitive Edge in Remittances

While many remittance companies compete on exchange rates, Abound differentiates itself with its rewards layer. The app partners with Times of India and other local advertisers to offer rewards to users, creating a unique value proposition that reduces customer acquisition costs compared to traditional competitors.

“We don’t have to compete solely on exchange rates,” Mehta explained. “Our rewards program helps us attract and retain users while offering competitive rates without the same customer acquisition challenges that other companies face.”

Seed Funding Round Led by NEAR Foundation

The $14 million seed funding round was led by NEAR Foundation, with additional participation from Circle Ventures, Times Internet, and other investors. This marks a significant milestone for Abound as it continues to grow its user base, which now exceeds 500,000 users, with over $150 million in transaction volume.

Abound, a fintech app that offers money transfers, rewards, and access to local Indian services.

Raises $14M to expand its all-in-one platform.

Over 500K users. $150M+ in volume.

Backed by NEAR Foundation, Circle Ventures, and Times Internet. https://t.co/IWULXtMckc pic.twitter.com/3Qyqam9wnw

— NEAR Protocol (@NEARProtocol) March 27, 2025

Plans for Future Expansion

The company plans to use the new funding to expand its offerings, improve its tech infrastructure, and increase its presence in key markets. As Abound continues to enhance its platform, it aims to provide more comprehensive financial solutions for Indian expats, further solidifying its position in the growing remittance and fintech space.

Abound’s successful funding round signals strong investor confidence in the future of fintech solutions for Indian expats. With its focus on a highly underserved yet affluent market and a unique rewards-based approach, the company is well-positioned to capture a significant share of the expanding remittance market.