Fintech startup Abhi has secured $15 million in credit financing, with the round led by Shorooq Partners and Amplify Growth Partnership, according to an official statement released on Wednesday. This funding positions Abhi to scale its operations and extend its Earned Wage Access (EWA) services to blue- and white-collar workers across the UAE.
Expanding Earned Wage Access
Earned Wage Access, also known as on-demand pay, early wage access, or instant pay, is a growing fintech solution that allows employees to access a portion of their earned wages before payday. With this new financing, Abhi aims to bring financial flexibility and empowerment to employees, reducing their financial stress and helping them meet obligations without falling into debt traps.
Pioneering Embedded Finance Solutions
Since its founding in 2021 by Omair Ansari and Ali Ladhubhai, Abhi has become a leader in the embedded finance space, offering services such as payroll processing, payroll financing, and SME financing, in addition to EWA. Through partnerships with over 550 companies, the startup has already reached more than 750,000 people, driving financial inclusion and economic growth.
Speaking about the recent investment, Omair Ansari, CEO and co-founder, said,
“This 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.”
Proven Growth and Financial Inclusion
To date, Abhi has provided approximately $55 million in EWA across 545,000 transactions in the UAE alone, highlighting the significant demand for their services. The company’s innovative approach has resonated not only with workers but also with employers, who benefit from zero-cost access to the platform, ensuring no disruption to their payroll cycles.
Abhi previously raised $17 million in a 2022 Series A round led by Speedinvest, with participation from Global Ventures, VentureSouq, and several regional investors, including Fatima Gobi, Sarmayacar, and i2i Ventures.
Accelerating Digital Transformation in MENAP
The MENAP (Middle East, North Africa, Afghanistan, and Pakistan) region is experiencing rapid digitalization, driven by growing regulatory support for fintech innovations and a strong demand for financial inclusion. Abhi’s efforts to extend EWA services to underserved populations align with the broader trend of leveraging fintech to bridge financial gaps.
According to Shorooq Partners, the MENAP region’s fintech landscape is evolving rapidly, with significant potential for financial inclusion. Nathan Kwon, Head of Private Credit at Shorooq Partners said,
“We hope that this facility further drives financial inclusion for underserved communities in the UAE through Abhi’s proprietary technology”
Supporting High-Growth Startups
Shorooq Partners and Amplify Growth’s investment in Abhi reflects their commitment to backing high-growth companies that promote financial inclusion in the region. With the support of these regional investors, Abhi is well-positioned to accelerate its growth and solidify its standing as an innovator in the fintech space.
With its latest round of funding, Abhi is set to become a key player in the MENA region’s fintech ecosystem, further cementing Pakistan’s growing role in driving digital financial solutions.
Source: Forbes Middle East / ABHI
