Indian media conglomerate Times Internet has partnered with Nishkaam Mehta, former head of mobile strategy and growth at Hulu, to create a remittance app called Abound, targeting Indian expats. Originally known as Times Club, the app was recently rebranded and is now available on both iOS and Android devices. Abound offers a comprehensive solution for non-resident Indians living worldwide, starting with the US.
The app allows users to transfer money to over 130 Indian banks and shop at more than 4,000 Indian grocery stores. Additionally, Abound provides its members with loyalty rewards and discounts on purchases, as well as access to curated content.
Mehta’s decision to enter the fintech market was influenced by his success at Hulu in attracting viewers from competing platforms. He believes that embedded finance, much like media streaming, revolves around delivering a personalized experience and moving the audience from one platform to another.
Abound operates on a dual-revenue model, generating income from partnerships with advertisers while providing users with cashbacks and rewards
Abound distinguishes itself by offering a deeply personalized experience, anticipating users’ upcoming remittance needs and offering cashbacks and rewards accordingly. Within weeks of rebranding, the app has recorded daily transaction volumes of $500,000, with plans to double this figure in the near future.
The app faces competition from other neobanks serving Indian expats, but Abound hopes to leverage its business alliances, primarily through Times Internet’s network, to offer competitive incentives and rewards. Its appeal is further bolstered by its competitive exchange rates and user-friendly interface, reminiscent of a “Silicon Valley product.”
Abound operates on a dual-revenue model, generating income from partnerships with advertisers while providing users with cashbacks and rewards. The company is also considering introducing subscription-based monetization strategies. Times Internet has already invested $10 million into Abound for initial expansion, including team growth, increased marketing efforts, and plans to expand its geographical reach to include Canada, the UK, and the Middle East in the medium term.
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