DUBAI: Pakistan’s fintech Abhi has secured $15 million in credit financing led by Shorooq Partners and Amplify Growth Partnership, it was announced on Wednesday.
As per a statement, the latest funding will allow Abhi to scale its operations and 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,” the statement added.
“It is our hope that this facility further drives financial inclusion of underserved communities in the UAE through Abhi’s proprietary technology,” Nathan Kwon, Head of Private Credit at Shorooq Partners, was quoted as saying.
“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’
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.”
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 digitalisation, 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, looks to provide 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.
In an interview with Business Recorder last year, Abhi CEO Omair Ansari had stated that its topline revenue figure was close to almost $8 million. He had stated that the company has been “very profitable” in 2023, but did not disclose actual figures.
One of its biggest markets, along with Pakistan and Bangladesh, is the UAE.
An August 2023 report also stated that its valuation had grown to $90 million during the last two years as it became one of the 16 startups that got into Abu Dhabi’s global tech ecosystem-Hub71 family. It was also recently selected as one of the Future 100 companies of the UAE, an initiative aimed at highlighting the top startups contributing to the emirate’s readiness for the future and competitiveness of the economic sector.