Pakistan’s financial platform Abhi has been selected as one of the World Economic Forum’s (WEF) ‘Technology Pioneers’, becoming the first in the business from the Middle East, Africa and Pakistan (MENAP) region to receive the recognition, according to a statement issued by the company on Wednesday.
The WEF’s Technology Pioneers programme is a global community which recognises early-stage companies from around the world that are tackling issues such as sustainability, climate change, and healthcare.
This year’s Technology Pioneer cohort includes startups from 31 economies, with Pakistan and Malaysia represented for the first time this year. China has the second highest representation with 12 Technology Pioneers, behind the US with 29 companies, it said.
“We’re excited to welcome Abhi to our 2023 cohort of Technology Pioneers,” Verena Kuhn, Head of Innovator Communities at the World Economic Forum, was quoted as saying in the statement.
“Abhi and its fellow pioneers are at the forefront of innovation and disruption needed to help us solve the world’s most pressing issues,” she added.
The Karachi-based startup allows salaried employees to access funds before their payday.
The platform enables employees of its partners to withdraw salary advances based on their accrued wages at any time. The fintech funds these advances, and hence, it has no effect on partner employer’s balance sheets and repayments are deducted from the employee’s salary.
Meanwhile, the statement on Wednesday said Abhi’s Group CEO and Co-Founder Omair Ansari will also be invited to engage with the WEF.
“We are incredibly honored to be recognised as a Technology Pioneer by the World Economic Forum,” said Ansari. “This acknowledgment validates our mission to transform the financial landscape by leveraging technology to create meaningful change,” he said.
Last month, Abhi raised the first-ever Sukuk bond worth Rs2 billion ($7.1 million) for a fintech in the MENAP region, potentially opening a new funding line for startups that have struggled to attract funds.
Last year, Abhi said it secured $17 million in a Series A fund-raising round led by international venture capital (VC) firm Speedinvest and supported by Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap and FJ Labs.
In June 2021, the company raised $2 million as a seed investment, led by Vostok Emerging Finance. Later, in November, it said it had raised funds again, this time at a $40-million valuation, just months after introducing its business. The amount of funds raised in this round was not disclosed.