Circle and Near invest $14 million in money transfer app for Indian diaspora

Circle and Near invest $14 million in money transfer app aimed at Indian diaspora

The app currently serves 500,000 monthly active users.

Oliver Knight | Edited by Nikhilesh De, Sheldon Rebeck 27 Mar 2025 15:29 UTC

Key points:

• Translation app Abound has raised $14 million in a seed round from Circle Ventures and Near Foundation.
• The app has processed $150 million in transfers and has 500,000 monthly active users.

Money transfer app Abound has raised $14 million in a funding round following funding from crypto majors Circle Ventures and Near Foundation.

The service aims to be a financial link between non-resident Indians (NRIs) and India, having processed $150 million in remittances and around 500,000 active users each month. Abound is being developed by the digital arm of the Times of India Group, one of the country's leading news agencies.

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“Indians in America have a unique financial reality – it spans two countries, two economies and two currencies. However, the financial services available today were not designed with their needs in mind,” said Abound CEO Nishkaam Mehta.

The investment will be used to grow the business, including hiring for several key positions and improving the technology infrastructure, according to a press release.

Circle CFO Jeremy Fox-Geen said in a statement that stablecoins and digital payment infrastructure are fundamentally changing the global financial system, especially for diasporas.

Circle is the issuer of USDC, a stablecoin pegged to the US dollar with a market cap of $59 billion. The 2024 report states that the stablecoin sector saw $10.8 trillion in transactions in 2023, of which $2.3 trillion was related to payments and cross-border transfers.

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