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Cross-border financial solutions platform Abound has secured $14 million (around Rs 120 Crore) in a seed funding round led by NEAR Foundation.
Other investors including Circle Ventures, Times Internet also participated in this round.
The startup plans to use the fresh funds to improve its products, technology and team. It also plans to hire more people in product and engineering.
Abound, founded initially under Times Internet and part of The Times of India Group, has now received its first external funding.
In July 2023, Abound secured $10 million from the Times Group to strengthen its remittance services.
Read also- Expertia AI Secures Rs 20 Cr In Pre-Series A Round
“We selected NEAR as our blockchain foundation for its industry leading scalability, efficiency, and resilience, which enables us to deliver a seamless experience while maintaining the security and transparency our users deserve,” said Nishkaam Mehta, CEO of Abound.
“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 Mehta.
"NEAR ecosystem focuses on decentralised blockchain-based platforms for building decentralized applications. “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, founder and CEO of cNEAR Foundation.
About Abound
Founded in 2020 by Nishkaam Mehta, Abound is an all-in-one platform where users can earn rewards, send money home and manage their finances. The app lets people send, spend, save, invest and borrow across borders.
It chose NEAR as its blockchain foundation for its high speed, efficiency and reliability, ensuring a smooth and secure experience.
Abound claims it has processed over $150 million in remittances and $87 million in rewards GMV. It also reports 50% monthly revenue growth over the last six months and has over 500,000 users.
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