Pakistani fintech startup Abhi has secured $15 million in credit financing, led by Shorooq Partners and Amplify Growth Partnership. Shorooq Partners is the leading alternative investment manager in the Middle East and North Africa while Amplify Growth fuels visionary entrepreneurs and their venture capital partners with flexible growth debt capital.
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With the help of the additional funds, Abhi will be able to expand its earned wage access (EWA) program, which enables both white-collar and blue-collar workers to access their paychecks before payday.
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The startup claims that over 545,000 transactions totaling about $55 million in EWA have already been made possible by Abhi in the UAE.
With the support of important investors like Shorooq and Amplify, Abhi is poised to make significant progress in advancing financial inclusion in the region with this new round of funding. In 2022, Abhi raised $17 million in a Series A funding round led by Speedinvest.
“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.”
“This investment represents a strong vote of confidence from a prominent regional investor in the fintech space,” said Omair Ansari, CEO and co-founder of Abhi. “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.”
Co-founder and CEO of Abhi, Omair Ansari, expressed his excitement about the investment, noting it as a “strong vote of confidence” from regional investors. “This funding allows us to continue our journey of ensuring that every worker, regardless of their position, has access to the financial flexibility they need to succeed,” he added.
About Abhi
founded by Omair Ansari and Ali Ladhubhai in 2021, ABHI is a fintech company at the forefront of the embedded finance revolution providing a comprehensive suite of solutions including Earned Wage Access, Payroll Solutions, and SME Financing. The fintech company has established partnerships with over 550 companies driving economic growth and creating lasting social impact.
