DUBAI: Abhi, a Pakistani fintech, has secured $15 million in credit financing led by Shorooq Partners and Amplify Growth Partnership.
As per a statement released on Wednesday, the latest funding will allow Abhi to scale its operations and further expand its earned wage access (EWA) to serve the blue- and white-collar working populations in the UAE.
“To date, Abhi has provided circa $55 million in EWA to workers in the UAE across 545,000 transactions. With this strategic investment, Abhi is set to play a key role in further advancing financial inclusion across the UAE,” read the statement.
“It is our hope that this facility further drives financial inclusion of underserved communities in the UAE through Abhi’s proprietary technology,” said Nathan Kwon, Head of Private Credit at Shorooq Partners.
“With the support of Shorooq and Amplify, Abhi is poised to accelerate its growth and become a leading innovator in the region.”
After expanding to Bangladesh and UAE, Pakistani startup Abhi has plans for ‘further growth’
Moreover, Sharaf Sharaf, Fund Head at Amplify Growth Partnership, added: “We are excited to co-lead this investment in Abhi, a company that is transforming financial services by providing underbanked individuals advanced access to their earned wages.”
Meanwhile, Omair Ansari, CEO and co-founder of Abhi said the investment represents “a strong vote of confidence from a prominent regional investor in the fintech space”.
“With this funding, we are poised to scale our impact, ensuring that every employee, regardless of their role, has access to the financial flexibility they need to thrive,” he said.
The MENAP region – comprising the Middle East, North Africa, and Pakistan – is undergoing rapid digitalization, with increased regulatory support for fintech innovation and a growing demand for financial inclusion, read the statement.
Abhi’s valuation grew to $90m in two years
Abhi, a Pakistani financial startup, provides a number of solutions including earned wage access, payroll processing, payroll financing, and SME financing.
The fintech has established partnerships with over 550 companies and gained recognition from Hub71 and Endeavor and was the first in the region to be awarded the Technology Pioneer 2023 Award by the World Economic Forum, making fintech history in the MENAP region.
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