Remittance application Abound completed $14 million in financing, led by NEAR Foundation

PANews March 27th news, according to Techcrunch, Abound, a remittance application spin-off by Times Internet in 2023, raised $14 million in its first external financing round. The seed round is all equity financing, led by NEAR Foundation, with participation from Circle Ventures, Times Internet and other investors. The company plans to use new funds to expand its business scope, increase product variety and improve its technical infrastructure.

Originally called Times Club, Abound allows users to send money to India, earn rewards, and receive cash back on services such as live sports, grocery shopping and OTT subscriptions. The company plans to explore ways to give users access to high-yield savings, India-centric investments and cross-border credit solutions. Abound currently has 40 employees, mainly working in India. The company plans to expand its workforce and form a management team in the United States.