Abound Secures $14 Million in Seed Funding for Remittance Services
Remittance app Abound raised $14 million in a seed round, backed by Circle Ventures and the Near Foundation. The app serves non-resident Indians (NRIs) and has processed $150 million in remittances with 500,000 monthly active users. Abound is incubated by the Times of India Group.
Key points:
- Investment will fund hiring and technology improvements
- Abound addresses unique financial needs of Indians in America
- Circle's CFO highlighted the role of stablecoins in transforming global finance for diaspora communities
- Circle issues USDC, a stablecoin with a market cap of $59 billion
- Stablecoin sector settled $10.8 trillion in transactions in 2023, with $2.3 trillion for payments and remittances