Abound the application of remittances raised $ 14 million in a round of seeds after the investment of Crypto Heavyweights Circle Ventures and the Near Foundation.
The application aims to be a financial bridge between non -residents (NRIS) and India, and has prosecuted remittances worth $ 150 million with approximately 500,000 monthly active users. Abound is incubated by the digital arm of The Times of India Group, one of the largest news agencies in the country.
“The Indians in the United States have a unique financial reality, one that covers two countries, two economies and two coins. However, the financial services available today were not designed for their needs,” said Nishkaam Mehta, CEO of Abound, in a statement.
The investment will be used to climb the business hiring in several key roles and improving its technological infrastructure, according to a press release.
Jeremy Fox-Geen, CFO of Circle, added in a statement that Stablcoins and digital payment infrastructure are revolutionizing global finances, especially for the communities of the diaspora.
Circle is the USDC issuer, a stablecoin linked to the US dollar that has a market capitalization of $ 59 billion. A 2024 report described that the Stablecoin sector had resolved transactions worth $ 10.8 billion in 2023, of which $ 2.3 billion were related to cross -border payments and remittances.
