The Remittance app is full of $ 14 million in a round of seeds after investing from crypto heavy -weight Circle Ventures and the closest foundation.

The app aims to be an economic bridge between non-resident Native Americans (NRIs) and India and has treated $ 150 million worth of transfers with approx. 500,000 monthly active users. Avund is incubated by the digital arm of the Times of India Group, one of the country’s largest news agencies.

“Indians in America have a unique economic reality – one that spans two countries, two economies and two currencies. Still, the available financial services today were not designed for their needs,” Nishkaam Mehta, CEO of AFUN, said in a statement.

The investment will be used to scale the company by hiring in several key roles and improving its technology infrastructure, a press release said.

Jeremy Fox-Geen, Circle’s CFO, added in a statement that stableecoin and digital payment infrastructure are revolutionizing global funding, especially for the diaspora community.

Circle is the issuer of USDC, a stableecoin tied to the US dollar that has a market capital of $ 59 billion. A report of 2024 outlined that the stablecoin sector had decided $ 10.8 trillion of transactions by 2023, of which $ 2.3 trillion was related to payments and cross-border transfers.