Abhi Pvt, a Pakistani financial platform, announced the completion of a $17 million Series A fund-raising round on Tuesday. Salaried employees can access monies before payday thanks to the Karachi-based firm.
According to a statement from the company, the fundraising round was headed by multinational venture capital (VC) firm Speedinvest and supported by Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap, and FJ Labs. Regional VC firms and existing investors, Fatima Gobi, Sarmayacar, and i2i Ventures, were also present.
Omair Ansari and Ali Ladhubhai launched the company in 2021, and it plans to use the new capital to expand its operations and workforce, as well as fulfil growing client demand. Through its web and mobile platform, the company aspires to become the first financial wellness platform by transforming how people spend their money.
Vostok Emerging Finance led a $2 million seed investment in the startup in June 2021. It later announced, just months after launching its business, that it had raised funding again, this time at a $40 million valuation. The total amount of money raised in this round was kept under wraps.
Employees of Abhi’s partners will be able to withdraw salary advances based on their accrued wages at any time. Because the fintech will fund these advances, they will have no impact on the financial sheets of partner companies, and repayments will be deducted from the employee’s income.
A registered user can access funds via the app in less than 30 seconds and two clicks, according to the business, with a fixed transaction cost of 2%. The payments are withdrawn from your next paycheck automatically.
A registered user can access funds via the app in less than 30 seconds and two clicks, according to the business, with a fixed transaction cost of 2%. The payments are withdrawn from your next paycheck automatically.
