The fund transfer application abounded $ 14 million in a seed lap after the investment of Heavyweights Circle Ventures and the nearby foundation.
The application aims to be a financial bridge between non -resident Indians (NRI) and India, and has processed $ 150 million in discounts with around 500,000 monthly active users. ABONDE is incubated by the digital branch of the Times of India group, one of the country’s largest press agencies.
“The Indians in America have a unique financial reality – one that extends over two countries, two savings and two currencies. However, the financial services available today have not been designed for their needs, “said Nishkaam Mehta, CEO of Abound, in a press release.
The investment will be used to evolve the company by hiring in several key roles and improving its technological infrastructure, a press release said.
Jeremy Fox-Geen, Circle’s financial director, added in a statement that stablescoins and digital payment infrastructure revolutionize global finance, in particular for diaspora communities.
Circle is the transmitter of the USDC, a stablecoin set to the US dollar which has a market capitalization of $ 59 billion. A 2024 report stressed that the stable sector had paid $ 10.8 billions of transactions in 2023, including 2.3 billions of dollars linked to payments and cross -border discounts.
