In recent months, Pakistan’s startup ecosystem has gotten a lot of attention. The data provided by the Karachi-based Alpha Beta Core, an early investment tech business, indicated the country’s startups raised a record amount in the first nine months of 2021, with investments totaling over $305 million.
Abhi, a Pakistan-based advance pay platform, raised $17 million in a Series A round sponsored by venture capital company Speedinvest as part of the same series of investments.
Abhi has collaborated with two major Pakistani banks, United Bank Limited and Bank Alfalah, and has lately extended its business financing services.
The company, which claims to be Pakistan’s first financial wellness platform, says the funds will be used to expand its team and build out marketing capabilities to meet customer demand.
“We provide services to organizations of all sizes and their personnel. According to Omair Ansari, CEO of Abhi, “the profits will assist our exponential expansion, help us grow as a company, and enable us to satisfy client demand.”
Abhi’s platform, which was founded in 2021, seeks to allow its partners’ employees to take pay advances based on their earned income at any moment. Since fintech will finance these advances, they will have no impact on the financial sheets of partner employers, and repayments will be taken from the employee’s paycheck.
A registered user may access their funds in less than 30 seconds and two clicks, with a fixed transaction cost of 2%. The money is withdrawn from your next paycheck automatically. Abhi also provides operating cash to companies. Moreover, it claims to have signed up over 150 enterprises with a total workforce of 250,000 people on its platform and claims to be “cash-flow positive.”
In November 2021, the Pakistani fintech secured $2 million in initial fundraising in an equity round headed by Vostok Emerging Finance.