• Abound has raised $14 million in a seed funding round led by NEAR Foundation, with participation from Circle Ventures and Times Internet.
  • The startup has processed $150 million in remittances, facilitated $87 million in reward GMV, and reports 50% month-on-month revenue growth.

Cross-border financial solutions platform Abound has raised $14 million (approximately ₹120 crore) in a seed funding round led by NEAR Foundation, with participation from Circle Ventures and Times Internet.

The fresh capital will be used to enhance Abound’s product offerings, strengthen its technological infrastructure, and expand its workforce. The company is particularly focused on increasing its headcount in product and engineering to support its growing user base.

This marks Abound’s first external investment since being incubated at Times Internet, the digital arm of The Times of India Group.

Founded in 2020, Abound caters to the Indian community in the United States, offering services such as seamless money transfers, cashback, and rewards on everyday transactions. The company positions itself as a financial super app for Indian expats.

The startup claims to have processed $150 million in remittances and facilitated $87 million in reward gross merchandise value (GMV). Additionally, it reports a 50% month-on-month revenue growth, with over 500,000 users on its platform.

"We’re building a unified platform where our community can earn rewards, seamlessly send money home, and ultimately send, spend, save, invest, and borrow across borders—all in one app," said Nishkaam Mehta, CEO of Abound.

Blockchain Integration with NEAR

Abound has chosen NEAR as its blockchain foundation to ensure scalability, efficiency, and resilience.

"Leveraging the scalable and performant NEAR blockchain enables truly borderless solutions and opens up new opportunities for Indian-American expats and their families," said Illia Polosukhin, CEO of NEAR Foundation.

Growing Market for Cross-Border Payments

India remains the top recipient of global remittances, with an estimated $129 billion inflow in 2024, according to a World Bank economist’s blog post. As Indian businesses and the diaspora expand globally, the cross-border payments ecosystem continues to grow.

Several fintech startups are entering this space, including HiWiPay, Skydo, and Cashfree Payments, all of which have recently raised funds or launched new cross-border payment solutions.

With its latest funding, Abound aims to further strengthen its position in this rapidly growing market, providing innovative financial services to Indian expats in the U.S.

Edited by Harshajit Sarmah