Abound is a super app that enables Indians in the US to send money to India with zero fees and the best exchange rates, utilizing secure transfer methods and UPI for seamless transactions. The platform also offers cashback rewards at over 4,000 Indian grocery stores, enhancing the financial experience for non-resident Indians.
Funding
$323.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Non-resident Indians (NRIs) in the US often face high fees and unfavorable exchange rates when sending money to India. Traditional remittance methods can also be slow and lack transparency, creating uncertainty for both the sender and recipient.
Solution
Abound is a mobile platform designed to streamline money transfers from the US to India, offering competitive exchange rates and fee-free transactions. The platform provides a secure and transparent remittance process, leveraging direct transfers and UPI integration for fast delivery. In addition to money transfer services, Abound provides cashback rewards at a network of Indian grocery stores, enhancing the financial benefits for its users. Abound Elite, a premium subscription, offers faster transfer speeds, guaranteed best exchange rates, and bill payment services for family in India.
Target Audience
The primary target audience is Indians residing in the US who regularly send money to family and friends in India and seek a cost-effective, secure, and rewarding remittance solution.
Features
- Fee-free money transfers to India with competitive exchange rates
- Direct transfers and UPI integration for fast and secure transactions
- Cashback rewards at over 4,000 Indian grocery stores
- Abound Elite subscription with 2x faster transfers and guaranteed best FX rates
- Bill payment services for family in India (Abound Elite feature)
- Real-time tracking and transparent fee structure
- SSL encryption, fraud detection, and two-factor authentication for enhanced security
- Integration with Plaid's security standards