Pakistani fintech company Abhi secures $15M to boost financial inclusion in UAE

Abhi, a Pakistani fintech company, has raised $15 million in credit financing, a round led by Shorooq Partners and Amplify Growth Partnership. This new funding will enable the company to scale its operations and further expand its earned wage access (EWA) services, focusing on both blue- and white-collar workers in the UAE.

In a statement released on Wednesday, Abhi announced that it has already facilitated approximately $55 million in earned wage access across 545,000 transactions for workers in the UAE. With this latest investment, the fintech aims to deepen its commitment to financial inclusion in the region, particularly for underserved communities.

Head of Private Credit at Shorooq Partners Nathan Kwon emphasized the importance of this investment in promoting financial inclusion.

"It is our hope that this facility further drives financial inclusion of underserved communities in the UAE through Abhi’s proprietary technology," Kwon said in the statement. "With the support of Shorooq and Amplify, Abhi is poised to accelerate its growth and become a leading innovator in the region."

Sharaf Sharaf, Fund Head at Amplify Growth Partnership, echoed this sentiment, expressing excitement about co-leading the investment.

"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," he said.

CEO and Co-Founder of Abhi Omair Ansari highlighted the strategic importance of the investment, viewing it as a vote of confidence from key regional investors 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," Ansari said.

Abhi has been steadily expanding its footprint across the MENAP (Middle East, North Africa, and Pakistan) region, which is undergoing rapid digital transformation and regulatory support for fintech innovation. After expanding its services to Bangladesh and the UAE, the startup is planning further growth.

Since its founding, Abhi’s valuation has surged to $90 million within just two years. The company provides a range of financial solutions including earned wage access, payroll processing, payroll financing, and SME financing.

It has established partnerships with over 550 companies and has been recognized by Hub71 and Endeavor for its innovation.

Abhi also made history in the MENAP region by becoming the first fintech to be awarded the Technology Pioneer 2023 Award by the World Economic Forum.