Cross-border payments fintech platform Abound, a financial platform catering to the Indian diaspora, has raised $14 million in seed funding, leveraging NEAR blockchain to enhance remittances and redefine financial services for Indian expats in the US.

The funding round was led by NEAR Foundation, with participation from Circle Ventures and Times Internet, marking Abound’s first external investment since its incubation at Times Internet, the digital arm of The Times of India Group.

Founded by Nishkaam Mehta, Abound differentiates itself from traditional banking solutions by providing an all-in-one digital ecosystem where users can seamlessly send, spend, save, invest, and borrow across borders. Abound’s rewards program further incentivizes daily transactions, making it a go-to financial platform for the Indian diaspora.

“We selected NEAR as our blockchain foundation for its industry-leading scalability, efficiency, and resilience, which enables us to deliver a seamless experience while maintaining the security and transparency our users deserve,” said Nishkaam Mehta, CEO of Abound.

Abound Vision: A Financial Super-App for Indian Expats

Since its inception in 2020, Abound has aimed to bridge the financial gap for Indian expats in the US, offering a holistic financial platform that integrates remittances, rewards, and banking services. With this latest funding round, the company plans to expand product offerings, enhance technology infrastructure, and strengthen its workforce, particularly in product and engineering.

Abound has already facilitated $150 million in remittances and processed $87 million in rewards GMV, reflecting its strong adoption among Indian expats. Over the past six months, the company has experienced 50 percent month-over-month revenue growth, surpassing 500,000 users.

The startup utilizes the NEAR blockchain for its scalability, efficiency, and security, ensuring users benefit from smooth and secure transactions. “By leveraging the high-performance NEAR blockchain, we unlock truly borderless solutions for Indian-American expats and their families,” said Illia Polosukhin, CEO of NEAR Foundation.

Abound’s remittance services allow users to send money home effortlessly and provide a competitive edge through low fees and faster transactions than traditional banking channels. The startup is positioning itself as a financial platform that simplifies cross-border financial management for a growing community of Indian expats.

The Expanding Cross-Border Payments Market

According to a World Bank report, India topped global remittance inflows in 2024, receiving $129 billion, which accounted for 14.3 percent of total global remittances. As the Indian diaspora grows, fintech firms aggressively enter the cross-border payments sector to capitalize on the rising demand.

With more Indian professionals, students, and entrepreneurs migrating to the US, the need for a seamless financial platform has never been greater. Identifying this market opportunity, both established players and new entrants are investing in the remittances sector:

HiWiPay raised $2 million in seed funding to expand trade remittance and education remittance operations.

Skydo obtained a Reserve Bank of India (RBI) license as a Payment Aggregator-Cross Border (PA-CB) entity, reinforcing its position as a regulated player in the space.

Cashfree Payments launched cross-border transactions in collaboration with Swiggy, Zepto, Nykaa, and Redbus, signaling a shift toward integrating international transactions into everyday financial interactions.

Future Outlook: Scaling Innovation in Cross-Border Finance

Abound’s latest funding round underscores the fintech sector’s confidence in cross-border payments. With its cutting-edge approach, strong financial backing, and commitment to innovation, Abound is well-positioned to revolutionize financial services for Indian expats in the US.

As competition in the cross-border payments space intensifies, Abound’s ability to leverage NEAR blockchain, build trust with users, and offer frictionless financial solutions will be key to sustaining its growth. The company’s expansion roadmap includes deeper partnerships, regulatory compliance, and innovative financial products tailored to the needs of the Indian diaspora.

“We’re building a unified platform where our community can earn rewards, seamlessly send money home, and ultimately send, spend, save, invest, and borrow across borders—all in one app,” said Mehta.

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