Abhi, Pakistan’s first financial wellness platform has completed a $17 million Series A fundraising, allowing employees to access their salary in advance.
Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap, and FJ Labs all contributed to the fundraising, which was headed by international venture capital (“VC”) company. Regional VC firms and current investors, Fatima Gobi, Sarmayacar, and i2i Ventures, were also present.
Abhi was founded in 2021 by Omair Ansari and Ali Ladhubhai to reduce financial stress for employees by allowing them to satisfy their financial responsibilities without falling into debt traps – while also benefiting employers. Abhi’s platform enables interest-free and Shariah-compliant access to collected wages in advance. Employees use Abhi’s app or website to request an advance paycheck, and funds are put into the employee’s preferred account, with automatic withdrawals on the following payroll — removing any chance of overspending. It also aids enterprises with operating capital requirements, such as SMEs.
The funds will be utilized to assist excessive customer demand, expand Abhi’s team (which has grown from 15 to 48 employees since November 2021), and improve marketing capabilities.
Cnergyico, Sporty, Din Group, Agha Steel, and United King are among the hundreds of companies with whom Abhi currently collaborates. Abhi has partnered with United Bank Limited and Bank Alfalah and has expanded its offering to include business financing, making it B2B as well as B2C. 85 percent of the economy, implying that Abhi’s business model expansion represents a significant commercial opportunity far beyond the company’s initial target market.
“We are delighted to announce this $17 million fundraising round,” stated Abhi’s Chief Executive Officer, Omair Ansari. Since our debut in July 2021, we’ve grown quickly, and our momentum has created a big B2B potential.
“Payroll has traditionally been one of the greatest markers of financial stability,” said Stefan Klestil, General Partner at Speedinvest. Abhi has the potential to affect millions of lives across MENA and South Asia, thanks to Omair and Ali’s vision.”
“Abhi was our first investment in Pakistan,” stated Sacha Haider, Partner at Global Ventures. Earned Wage Access, in our view, is a powerful tool for enabling financial wellness in the workforce. We can already notice the good impact and look forward to continuing to assist Abhi’s development.”