Times Internet spin-out Abound raises $14M to let more Indian Americans send money home

Tech Crunch - Mar 27th, 2025

Abound, a remittance app spun off by Times Internet, has successfully raised $14 million in its first external funding round. This financing round was led by NEAR Foundation with participation from Circle Ventures, Times Internet, and others. The app, aimed at serving Indian expats in the U.S., has processed over $150 million in remittances from 500,000 monthly users. CEO Nishkaam Mehta highlighted the app's unique ability to offer competitive exchange rates paired with rewards and cashback, giving it an edge over traditional services like Western Union and PayPal. The funding will be used to expand Abound's offerings and presence while enhancing its tech infrastructure.

The rise in remittances to India, with a record $129.1 billion in 2024, underscores the growing influence of the Indian diaspora. Abound, initially developed as Times Club, offers additional services like cashback on groceries and live sports streaming, targeting the affluent Indian expat community in the U.S. The app plans to further extend its reach to other countries with significant NRI populations, such as Canada, Singapore, and the UAE. Times Internet remains the largest stakeholder, leveraging its assets to catalyze Abound's growth amidst a crowded remittance market.

Financial Technology Mobile App Abound Times Internet Nishkaam Mehta Near Foundation Indian Diaspora Remittance Funding Round

Story submitted by Fairstory

RATING

7.2

Fair Story

Consider it well-founded

The article provides a detailed overview of Abound's recent funding and strategic plans, offering insight into its position within the remittance market. It is well-written and mostly accurate, though some claims require further verification. The focus on a single company's perspective limits the balance and engagement potential, as it lacks diverse viewpoints and broader market context. The source quality is strong, with credible references, but transparency could be improved by disclosing potential conflicts of interest. Overall, the article is timely and relevant, particularly for those interested in financial technology and the Indian diaspora, though its broader impact is limited by its narrow focus.

Accuracy

The story presents several factual claims that are mostly accurate but require verification. For instance, the claim that Abound raised $14 million in its first external funding round aligns with reports from credible sources. However, the assertion that India recorded $129.1 billion in remittances in 2024 needs verification against authoritative data sources like the World Bank. The statement about Indian expats being among the largest immigrant groups in the U.S. with an average household income of $150,000 is likely true but should be cross-checked with U.S. Census data. Overall, while the story is mostly truthful, precision in figures and dates is essential for complete accuracy.

Balance

The article primarily focuses on Abound's growth and strategic plans, which could indicate a slight bias towards promoting the company. It lacks perspectives from competitors or industry analysts that could provide a more balanced view of the remittance market. The narrative is heavily centered on Abound's advantages and future plans, without discussing potential challenges or criticisms. Including viewpoints from other stakeholders in the remittance industry could enhance the balance of the article.

Clarity

The article is well-structured and uses clear, concise language, making it accessible to a broad audience. It effectively outlines Abound's business model, market position, and future plans. The logical flow of information helps readers easily follow the narrative. However, some complex financial terms and industry jargon could be better explained for readers unfamiliar with the remittance sector. Overall, the clarity of the article is strong, with minor areas for improvement in simplifying technical details.

Source quality

The article references credible sources such as the World Bank for remittance figures, lending authority to the claims made. It includes quotes from key figures within Abound, like CEO Nishkaam Mehta, which adds authenticity. However, the absence of independent expert opinions or third-party validation of the figures and claims slightly diminishes the overall source quality. The involvement of Times Internet as both a stakeholder and source could present a conflict of interest, though this is not overtly evident in the reporting.

Transparency

The article is transparent about its sources, citing specific individuals and organizations, such as the World Bank and Abound's CEO. However, it does not disclose potential conflicts of interest, such as Times Internet's dual role as an investor and a source. The methodology behind the financial figures and projections is not explained, which could help readers assess the reliability of the claims. Greater transparency in these areas would enhance the credibility of the reporting.