Pakistani Fintech Startup Abhi Receives $15 Million in Credit Financing
Pakistani fintech startup Abhi has secured a significant $15 million in credit financing led by prominent investors Shorooq Partners and Amplify Growth Partnership. This funding will empower Abhi to expand its innovative Earned Wage Access (EWA) solutions to a wider segment of the blue and white-collar workforce in the United Arab Emirates (UAE).
Expanding Financial Inclusion in the UAE
Abhi’s EWA platform provides employees with on-demand access to their earned wages, offering greater financial flexibility and improving their overall financial well-being. To date, Abhi has already disbursed over $55 million through 545,000 transactions, demonstrating a strong track record in serving the needs of UAE workers.
A Vote of Confidence from Leading Investors
This investment represents a strong vote of confidence from leading regional investors 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.
Omair Ansari, CEO and co-founder of Abhi.
Nathan Kwon, Head of Private Credit at Shorooq Partners, emphasized the strategic importance of this investment, stating:
It is our hope that this facility further drives financial inclusion of underserved communities in the UAE through Abhi’s proprietary technology.
Sharaf Sharaf, Fund Head at Amplify Growth Partnership, echoed this sentiment, highlighting Abhi’s transformative role in the financial services landscape:
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.
Rapid Growth of Abhi and Global Recognition in Fintech space
Since its inception, Abhi has experienced rapid growth, expanding its operations to Bangladesh and the UAE. The company has forged partnerships with over 550 companies and garnered significant recognition from prestigious organizations such as Hub71 and Endeavor. Notably, Abhi was also honored as a Technology Pioneer 2023 by the World Economic Forum.
A Bright Future for Financial Inclusion
The MENAP region is witnessing a surge in digitalization, creating a fertile ground for fintech innovation. With increased regulatory support and a growing demand for financial inclusion, Abhi is well-positioned to capitalize on this dynamic market.
Key Takeaways:
- Abhi’s $15 million funding round will fuel the expansion of its EWA services in the UAE.
- This investment underscores the growing importance of financial inclusion and the potential of fintech solutions in the region.
- Abhi’s innovative approach and strong partnerships position it as a key player in the evolving financial landscape.
This funding round marks a significant milestone for Abhi in the fintech market. It cements its position as a leading player in the space and paving the way for further growth and innovation in the years to come.
