Exciting news for the remittance app space! Abound has just secured $14 million in a seed funding round, thanks to significant investments from crypto powerhouses Circle Ventures and the Near Foundation.

Abound is designed to be a seamless financial bridge for non-resident Indians (NRIs) looking to connect with India. It’s already making a real impact, having processed remittances worth $150 million and built a strong community of around 500,000 monthly active users. Interestingly, Abound is an initiative nurtured by the digital arm of the Times of India Group, one of India’s most prominent news organizations.

Nishkaam Mehta, CEO of Abound, pinpointed the unique challenges faced by this community, stating, “Indians in America navigate a complex financial landscape that spans two countries, economies, and currencies. However, the financial services currently available haven’t truly addressed their specific needs.”

Looking ahead, the new investment will fuel Abound’s growth. The company plans to scale operations by expanding its team in crucial roles and upgrading its technology infrastructure, according to a press release.

Jeremy Fox-Geen, CFO of Circle, highlighted the broader impact of this technology, adding that stablecoins and digital payment systems are revolutionizing global finance, particularly for communities living abroad.

Circle is well-known as the issuer of USDC, a stablecoin pegged to the U.S. dollar that boasts a substantial market cap of $59 billion. A recent 2024 report revealed the immense scale of the stablecoin sector, noting that it facilitated $10.8 trillion in transactions in 2023. Of this, a significant $2.3 trillion was specifically for payments and cross-border remittances, demonstrating the vital role of these technologies in modern financial flows.