The company is also contemplating introducing additional monetization strategies, including subscriptions. Premium cards with cross-border usage rights are also slated for future release, extending privileges to users’ kin and acquaintances in India.Ībound employs a dual-revenue model, partnering with various advertisers for income generation while offering user benefits in the form of cashbacks and rewards. Features such as joint accounts and an inclusive membership model for Indian residents are in the works, he said. Abound provides free sign-up via Plaid or card issuer rails. The firm has carved out a distinctive presence with its user-friendly interface, akin to a “Silicon Valley product,” and speedy transfers. Abound is hoping to leverage its business alliances, primarily derived from the Times Internet’s network, to offer competitive incentives and rewards.Īccording to Mehta, Abound’s appeal is further amplified by its competitive exchange rates. In the Indian neobank space, startups such as Hummingbird Ventures-backed Vance and Y Combinator-backed Swadesh already serve Indian expats. ![]() Image Credits: Abound / Google Play Store Like media streaming companies, embedded finance is a lot about moving an audience from one platform to another, he said. Mehta decided to enter the fintech market after running some of his best performing campaigns at Hulu to bring viewers from competing platforms such as HBO and Netflix, he told TechCrunch in an interview. It also offers its members loyalty and card-linked rewards and discounts on purchases and access to curated content. Formerly called Times Club, the app has been rebranded as Abound this month to serve non-resident Indians living around the globe, starting with the U.S.Ībound, available for download on both iOS and Android devices, lets users transfer money to more than 130 Indian banks or shop at over 4,000 Indian grocery stores. Nishkaam Mehta, who worked at Hulu as head of its mobile strategy and growth for over four years, is working with India’s media conglomerate Times Internet to build an app for Indian expats and offer them a single solution for all their money-transfer needs. A former media executive is joining the fray. Naturally, a growing number of startups have been quick to spot this upward trend, tailoring their services for Indian expatriates to win them over banks and incumbents such as Western Union, PayPal and MoneyGram. ![]() The past five years have seen a 30% increase, with remittances rising to $89.13 billion in 2021-22 from $69.13 billion in 2017-18, according to official government data. Foreign inward remittances to India have surged significantly in recent years as Indian diaspora expands globally.
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