Times Internet's Abound offers personalized service to Indian expats
It is hard not to find Indians in any corner of the world. Over the years, the Indian diaspora has expanded considerably. This is reflected in India's foreign inward remittances. The country tops the chart in remittance inflows. Abound is a Times Internet-incubated start-up that aims to deliver a one-stop solution to all remittance needs of Indian expatriates.
Why does this story matter?
Like everything, technology is slowly making its mark in foreign remittances as well. Expatriates have started looking beyond bank accounts and incumbents like Western Union and PayPal, among others. India's growing foreign inflows have prompted multiple start-ups to offer services to expats. An app like Abound, which focuses on offering a personalized experience, fits the ongoing digital disruption of the remittance market.
The app was previously called Times Club
Abound was formerly known as Times Club. The app has been rebranded this month. It allows Indian expats to send money to over 130 Indian banks and shop at over 4,000 Indian grocery stores. The app also offers member loyalty bonuses, cash rewards, discounts on purchases, and curated content. The start-up is also planning to offer a premium spending card soon.
The app can anticipate remittance needs of users
What makes Abound stand out is the personalized experience on offer. According to Nishkaam Mehta, the company's CEO and former Hulu executive, the app provides users with a "deeply personalized experience." The app can anticipate the upcoming money remittance needs of users, said Mehta. The app is currently available for download on both Android and iOS.
Abound has recorded $500,000 in transaction volumes after relaunch
Abound is off to a great start. The app has recorded transaction volumes of $500,000 within a few weeks after its relaunch. The company aims to double this in the coming months. Mehta believes Times Internet's network will help Abound scale and reach more people. Its user-friendly interface, competitive exchange rates, and nominal transaction fees make it more attractive.
The app is only available in the US
Abound is currently available to users in the US. The start-up plans to expand the app's reach to the UK, Canada, and the Middle East in the coming months. Times Internet has invested $10 million in the company.
