The Indian app Abound, which provides cash refund services and various financial rewards, reported that it managed to raise investment funds in the amount of $10 million.
This application has been developed to meet the financial needs of Indian expatriates who reside in the United States. Investment funds in the amount of $10 million were received from the Times Group. The company intends to use this money to implement efforts to expand the scope of the money transfer offer.
Abound CEO Nishkaam Mehta, in a press release published last Monday, July 3, stated that the purpose of the application is to simplify the process of sending funds abroad for expats, who often face high commission fees and complex algorithms of the procedure when attempting to perform such operations. According to him, this financial services platform meets the unique needs of Indian emigrants living in different countries and helps them improve the material component of their lives by eliminating various restrictions on access to money.
Abound allows users to transfer funds to loved ones in India. At the same time, the application offers monetary rewards for making these transactions and rewards for loyalty. In addition, Abound guarantees high service speed. Membership in the platform provides access to curated content and online and offline commerce.
Currently, the global money transfer market is going through a turning point in its history. This does not mean the threat of the disappearance of the financial services space. In this case, the active digitalization of the payment landscape is implied, which changes its configuration and partly its content.
Last year, the total volume of money transfers at the global level exceeded $625 billion. These transactions are an opportunity to provide financial support to friends and relatives.
According to the World Bank, currently, 1.4 billion representatives of the adult population of the world do not have accounts in financial institutions. Experts say that this circumstance indicates that the movement of money should go beyond the traditional channels.
In the financial services sector, advanced technologies have already helped to introduce certain cross-border solutions. Against this background, the scale of the standard scheme of operations began to decrease, when agents receive cash, which is then also repaid in cash in another country.
Jose Ivars-Lopez, Ria’s regional manager for the UK and Ireland, said that this company has more actively started using digital wallets to ensure cross-border payments. Such solutions are most relevant in African countries, where customers are heavily dependent on virtual wallets.
As we have reported earlier, Insify Raises $10.7 Million for Its Business Insurance Startup.
