Circle and Near invest $14M in remittance app for Indian diaspora, targeting non-resident Indians

From Yahoo Finance: 2025-03-27 11:29:00

Abound, a remittance app, secured $14 million in funding from Circle Ventures and the Near Foundation. The app caters to non-resident Indians, processing $150 million in remittances with 500,000 monthly active users. It is incubated by the Times of India Group.
CEO Nishkaam Mehta highlighted the unique financial challenges faced by Indians in America. The investment will be used to expand the business, hire key roles, and enhance technology infrastructure.
Circle’s CFO, Jeremy Fox-Geen, emphasized how stablecoins and digital payment infrastructure are transforming global finance, especially for diaspora communities. Circle issues USDC, a stablecoin with a $59 billion market cap. In 2023, the stablecoin sector settled $10.8 trillion in transactions, $2.3 trillion of which were for payments and remittances.

Read more: Circle and Near Invest $14M in Remittances App for Indian Diaspora