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

by

What to know:

  • In a twist of fate, the remittance app Abound has bagged a whopping $14 million from Circle Ventures and the Near Foundation! 💰
  • This clever little app has already shuffled around $150 million in remittances and boasts a staggering 500,000 monthly active users! 🎉

Once upon a time, in the land of digital dollars, a sprightly remittance app named Abound raised a jaw-dropping $14 million in a seed round, thanks to the benevolent giants Circle Ventures and the Near Foundation. Oh, what a tale! 🌍✨

Abound, the financial bridge for non-resident Indians (NRIs) and their beloved India, has already processed a staggering $150 million in remittances. With 500,000 monthly active users, it’s like a bustling bazaar of money! 🏦💸

“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,” said the wise Nishkaam Mehta, CEO of Abound, in a statement that could make even a stone statue nod in agreement. 🤔

With this shiny new investment, Abound plans to grow like a beanstalk, hiring key roles and sprucing up its technology infrastructure. A press release said so, and who are we to argue? 🌱💻

Jeremy Fox-Geen, Circle’s CFO, chimed in, declaring that stablecoins and digital payment infrastructure are shaking up global finance like a good old-fashioned ruckus, especially for those living in diaspora communities. 🎊

Circle, the proud issuer of USDC, a stablecoin that’s as steady as a rock, boasts a market cap of $59 billion. A 2024 report revealed that the stablecoin sector had settled a mind-boggling $10.8 trillion worth of transactions in 2023, with $2.3 trillion of that being payments and cross-border remittances. Talk about a money-making machine! 💵💥

Read More

2025-03-27 18:43