Abound: Revolutionizing Remittances for Indian Americans
Abound, a groundbreaking remittance app spun off from Times Internet, has just secured $14 million in its inaugural funding round. This innovative platform is poised to enhance the way Indian Americans send money back home, tapping into a lucrative and growing market of remittances to India.
The Growing Need for Seamless Remittances
With the Indian diaspora flourishing globally, remittance flows to India are skyrocketing. In 2024, India received a staggering $129.1 billion in remittances, capturing 14.3% of the global market—setting a record according to a World Bank report. Abound is strategically positioned to leverage this growth through its user-friendly mobile app.
Understanding the Target Market
"Indians are among the largest immigrant groups in the U.S.," states Nishkaam Mehta, CEO of Abound. "The average Indian household income is around $150,000, significantly higher than the general average in the U.S., which is close to $58,000. This highlights the affluence of Indian expats, who remain vastly underserved in terms of tailored financial products and services."
Mehta’s journey took him from overseeing mobile strategy at Hulu to joining Times Internet in 2019. He was tasked with creating a "super app" for non-resident Indians, leading to Abound’s formation.
Features and Functionality of Abound
Formerly known as Times Club, Abound empowers users to send money to India while earning rewards and cash back on various services. These services include live sports streaming, grocery shopping, and OTT subscriptions. The app is not stopping there; plans to introduce high-yield savings, India-focused investments, and cross-border credit solutions are on the horizon.
"We envision a role for banks to be part of our super app," explains Mehta. This approach underscores Abound’s ambition to become a one-stop financial solution for Indian Americans.
Impressive Growth Metrics
Since its launch, Abound has processed more than $150 million in remittances through a robust user base of over 500,000 monthly transacting users. Remarkably, the company’s revenue has surged by 50% month-over-month, with remittance volume increasing by 15% each month.
Moreover, over the past year, Abound has handled between $110 million and $120 million in remittances—indicative of its strong market traction.
Diverse Revenue Streams and Unique Positioning
Abound generates revenue through rewards and the foreign exchange spread on money remittances, showcasing significant potential in the foreign exchange market. The influence of Times of India‘s extensive online reach—over 50 million monthly visitors—aids Abound in attracting new users while offering a range of attractive rewards.
"Unlike many competitors who engage in strict exchange rate competition, our rewards system gives us a unique advantage," Mehta says. This strategic differentiation allows Abound to maintain lower customer acquisition costs compared to traditional players.
Funding and Future Growth Plans
This equity financing round was spearheaded by NEAR Foundation, with contributions from other investors like Circle Ventures and Times Internet. Abound plans to utilize these funds to expand its footprint, enhance its offerings, and bolster its technology infrastructure.
Satyan Gajwani, vice chairman of Times Internet, notes, "There is a significant gap in products tailored for the NRI population, presenting a vast opportunity for Abound." Times Internet remains the largest stakeholder, dedicated to using its strategic assets to support Abound’s ambitious growth trajectory.
Standing Out in a Crowded Market
The arena of remittance platforms is crowded with established names such as Western Union, PayPal, and MoneyGram, alongside newer entrants like Remitly and Wise. However, Mehta believes Abound’s unique approach places it ahead of the competition, offering not just competitive exchange rates but also benefits like cashback options at approximately 5,000 Indian grocery stores and access to live cricket streaming—India’s most beloved sport.
Looking Ahead: Expansion Plans
Currently boasting a dedicated team of 40 employees, primarily in India, Abound has ambitious plans to grow its workforce and establish an executive team in the U.S. The company has its sights set on expanding into markets like Canada, Singapore, and the UAE, all home to significant populations of non-resident Indians. Nevertheless, the immediate goal is to solidify its presence in the U.S. before venturing into international markets.
Conclusion
As Abound continues to innovate and scale, it remains committed to transforming the remittance experience for Indian Americans, ensuring that sending money home is not just straightforward but also rewarding. With aspirations to redefine financial services for Indian expats, Abound is certainly a name to watch in the coming years.
For those eager to explore a more rewarding way to manage remittances, visit Abound today!
