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Circle’s $14M Investment Boosts Indian Remittance App Abound

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Circle’s $14M Investment Boosts Indian Remittance App Abound

In a significant development for cross-border payments, remittance app Abound has secured $14 million in seed funding from crypto industry leaders Circle Ventures and the Near Foundation. This investment marks a major milestone in the evolution of stablecoin-powered remittance solutions as regulatory frameworks continue to develop.

Key Investment Highlights

  • $14 million seed round led by Circle Ventures and Near Foundation
  • 500,000 monthly active users already on platform
  • $150 million in processed remittances to date
  • Backed by Times of India Group’s digital division

Revolutionizing Indian Diaspora Remittances

Abound has positioned itself as a crucial financial bridge for non-resident Indians (NRIs), addressing the unique challenges of managing finances across two economies. The platform’s success is evidenced by its impressive user base and transaction volume, demonstrating strong product-market fit in the growing digital remittance sector.

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Stablecoin Impact on Global Remittances

Circle’s involvement highlights the growing importance of stablecoins in international money transfers. As the issuer of USDC, which maintains a $59 billion market cap, Circle’s strategic investment in Abound signals confidence in stablecoin-powered remittance solutions. Recent data shows the stablecoin sector processed $10.8 trillion in transactions during 2023, with $2.3 trillion specifically related to payments and cross-border transfers.

Strategic Growth Plans

The fresh capital will enable Abound to:

  • Expand its technology infrastructure
  • Make strategic hires in key positions
  • Enhance user experience and features
  • Scale operations to meet growing demand

Expert Insights

“Indians in America have a unique financial reality — one that spans two countries, two economies, and two currencies. Yet, the financial services available today weren’t designed for their needs,” – Nishkaam Mehta, CEO of Abound

FAQ Section

What is Abound’s current user base?

Abound currently serves 500,000 monthly active users and has processed $150 million in remittances.

Who are the main investors in this funding round?

The $14 million seed round was led by Circle Ventures and the Near Foundation.

How will the investment be used?

The funds will be allocated to scaling operations, hiring key personnel, and enhancing technological infrastructure.

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