Abound, a U.S.-based remittance startup spun out of Times Internet in 2023, has secured $14 million in seed funding as it scales up its mission to serve Indian Americans looking to send money back to India. The company is tapping into a growing demand among non-resident Indians (NRIs) for financial tools that combine ease, affordability, and added value.
India remains the world’s top destination for remittances. In 2024 alone, the country received $129.1 billion in remittances—about 14.3% of global flows, according to the World Bank. Abound aims to ride this wave with a super-app experience designed specifically for the Indian diaspora in the U.S.
CEO Nishkaam Mehta, who formerly led mobile growth at Hulu, believes the market is still underserved despite the Indian diaspora’s affluence. “Indian households in the U.S. earn nearly $150,000 annually on average, much higher than the U.S. average of $58,000,” Mehta said. “Yet, there are very few tailored products built for them. That’s the gap we’re addressing.”
Abound originated as Times Club, a loyalty and remittance platform incubated by the Times of India Group. It rebranded as Abound as it spun out last year. The app lets users send money to India while unlocking perks like cashback on OTT subscriptions, Indian grocery shopping, and live cricket streaming.
Unlike traditional remittance services, Abound blends financial services with culturally relevant rewards. This includes offers from 5,000+ Indian grocery stores and streaming platforms, giving users both savings and entertainment value.
Growth Driven by Rewards, Low Costs, and Cultural Fit
Abound claims to have processed over $150 million in remittances, with monthly revenue rising by 50% since its official launch. The platform now serves over 500,000 monthly transacting users, and its remittance volume continues to climb—reportedly growing 15% each month.
Much of this momentum comes from Abound’s unique model. Rather than relying solely on foreign exchange spreads or racing to the bottom on exchange rates, Abound monetizes through ad revenues and brand partnerships—especially through The Times of India’s international audience of over 50 million monthly users.
“In remittances, many players focus just on exchange rates to win customers. But that becomes expensive,” Mehta explained. “We’ve added a rewards layer backed by our media ecosystem, which reduces our customer acquisition costs. That gives us the ability to offer competitive rates without compromising margins.”
The result? Abound can offer better deals while giving customers rewards like cashback, cricket access, and local discounts—something few competitors can match.
Backed by Notable Investors and Global Expansion Plans
Abound’s $14 million seed round was an all-equity deal led by the NEAR Foundation, with additional support from Circle Ventures, Times Internet, and other strategic investors.
The funds will be used to enhance Abound’s product offerings, strengthen its tech infrastructure, and expand its presence—both in the U.S. and in other NRI-heavy markets like Canada, the UAE, and Singapore. However, the immediate focus is on deepening its footprint in the U.S. while building an executive team locally.
“U.S. banks often overlook the needs of NRIs. There’s no financial product truly built for this community,” said Satyan Gajwani, vice chairman of Times Internet. “We see that as a massive opportunity, and we’re using Times Internet’s reach to help Abound scale.”
Times Internet remains Abound’s largest stakeholder post-funding and continues to offer strategic support.
Competing in a Crowded Market—But With an Edge
Abound operates in a highly competitive remittance space. Global players like Western Union, PayPal, MoneyGram, Remitly, and Wise dominate the market. Still, Mehta is confident in Abound’s edge.
By combining competitive exchange rates with rewards deeply rooted in Indian culture, the company “super-serves” its users. From sending money and earning cashback on grocery runs to watching cricket matches, Abound aims to be more than just a money transfer app—it wants to be a lifestyle and finance hub for Indian Americans.
Currently employing around 40 people—mostly in India—the startup now plans to grow its team and establish a strong U.S.-based leadership presence to support expansion.
