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Abound raises $14 Mn to boost cross-border finance for Indian Americans

EntrackrEntrackr · 3m ago
Abound raises $14 Mn to boost cross-border finance for Indian Americans
Medial

Abound raises $14 Mn to boost cross-border finance for Indian Americans Abound, the financial super-app designed for Indians in the US, has raised $14 million in a seed funding round led by NEAR Foundation, with participation from Circle Ventures, Times Internet, and others. This round marks Abound’s first external investment since its incubation at Times Internet, the digital arm of The Times of India Group. In July 2023, the startup raised $10 million from the Times Group to expand its remittance offering. The fresh funds will be utilized to expand its product offerings, enhance technology infrastructure, and grow the team across product, engineering, and growth, Abound said in a press release. Launched by Nishkaam Mehta, Abound is a unified platform where the community can earn rewards, send money home, and manage their finances—allowing users to send, spend, save, invest, and borrow across borders, all in one app. It selected NEAR as its blockchain foundation for its industry-leading scalability, efficiency, and resilience, enabling a seamless experience while maintaining the security and transparency users deserve. Abound claims to have already processed over $150 million in remittances and facilitated $87 million in rewards GMV, demonstrating significant traction. It also reports 50% month-on-month revenue growth over the past six months, with a user base exceeding 500,000. Abound aims to redefine what it means to be a financial platform for the Indian diaspora. While traditional banking services treat cross-border finance as an afterthought, Abound integrates remittances, rewards, and next-gen financial services into a digital-first consumer experience.

Sequoia and Greylock lead $50 Mn round in Aspora

EntrackrEntrackr · 1m ago
Sequoia and Greylock lead $50 Mn round in Aspora
Medial

Aspora, a cross-border financial technology company formerly known as Vance, has raised $50 million in a Series B funding round co-led by Sequoia and Greylock. The round saw participation from Hummingbird, Quantum Light Ventures, and Y Combinator. According to Aspora, it has raised over $99 million in funding to date, and the current round values the company at $500 million. Aspora is a global fintech firm focused on cross-border money transfers for non-resident Indians (NRIs). The platform provides remittance services with Google exchange rates. It enables transfers from five countries, including the UK, UAE, and Germany, and claims to have processed over $2 billion, saving users more than Rs 150 crore ($17.5 million) in foreign exchange fees. According to Aspora, it is regulated by the Financial Conduct Authority (FCA) in the UK and works with banks governed by the Reserve Bank of India (RBI). Founded in 2022 by Parth Garg, Aspora was part of Y Combinator’s Winter 2022 batch and recently underwent a rebranding exercise. The company raised $5.8 million in its seed round led by Hummingbird Ventures with participation from Global Founders Capital, Y Combinator, Soma Capital and angels such as Alan Rutledge and Gokul Rajaram.

Axilor bets on healthtech platform Alvye; four others raise early-stage funds

VCCircleVCCircle · 1y ago
Axilor bets on healthtech platform Alvye; four others raise early-stage funds
Medial

Indian healthtech startup Alyve Health has raised $5.5 million in a Series A funding round led by Axilor Ventures. The funds will be used for platform development, talent acquisition, and expansion of operations. Alyve Health offers health plans that cover a range of healthcare services, including doctor consultations, diagnostics, medicine purchases, dental procedures, gym memberships, and well-being. In addition to Alyve Health, generative AI startup Ayna raised $1.5 million in seed funding, consumer brand Rockit secured $719,299 in pre-seed funding, drinking water brand Wahter raised $599,359 in pre-seed funding, and proptech startup Landeed raised an undisclosed amount in a strategic funding round. Fintech startup LEO1 also announced an undisclosed funding amount from Indian cricketer Rohit Sharma.

HiWiPay raises $2 Mn in Seed funding led by Unicorn India Ventures

EntrackrEntrackr · 4m ago
HiWiPay raises $2 Mn in Seed funding led by Unicorn India Ventures
Medial

HiWiPay raises $2 Mn in Seed funding led by Unicorn India Ventures Cross-border payments platform HiWiPay has raised $2 million in a seed funding round led by Unicorn India Ventures. The round also witnessed participation from Dewang Neralla's family office, Jupiter Metaverse LLP, and other angel investors such as Ritesh Malik, Mitesh Shah, and Nilesh Doshi. The proceeds will be used to expand and enhance the trade remittance business, as well as scale up operations in the education remittances sector, HiWiPay said in a press release. Co-founded in 2022 by Dewang Neralla, Geeta Chauhan, and Ujwal Tamminedi, HiWiPay is a cross-border payments platform that offers a seamless digital experience, eliminating paperwork hassles and ensuring secure, compliant transactions. The platform removes challenges such as a lack of transparency in exchange rates, perceived high forex margins, due diligence, compliance requirements, and documentation obstacles. The Mumbai-based startup aims to streamline processes across various sectors and industries facing intricate procedures. The platform provides competitive exchange rates and real-time tracking, making global payments effortless. HiWiPay plans to introduce its student app in the UK to establish a presence in key hubs across Europe. The company claims to have partnered with multiple banks and NBFCs to help individuals secure education loans, making studying abroad more accessible and achievable. It also plans to enter the SME trade remittance space and is set to launch co-branded forex cards and other financial services to cater to students. In the next 12–18 months, HiWiPay plans to onboard 5,000 international students on its student app. The company expects its transaction volume to reach $100 million in remittances and aims to double the network of education consultants to 1,000. It also plans to support 1,000 SME exporters with trade remittance solutions while strengthening banking partnerships to improve FX rates and payment efficiency. It competes with Skydo and Bricks Pay on the trade side and Fly Finance on the education side.

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