KARACHI: Pakistan’s financial startup Abhi’s valuation grew to $90 million during the last two years and became one of the 16 startups that got into Abu Dhabi’s global tech ecosystem-Hub71 family.
In a media session held on Tuesday, Mohamad Zaidi Chief Commercial Officer (CCO) Abhi, along with Hassan Mumel Head of Marketing & Customer Success, informed that Abhi, a fintech company, was set up for the first time in Pakistan to financially empower business and employees, providing Earned Wage Access, Invoice Factoring and Payroll Solutions.
He informed that Abhi is Pakistan’s first embedded finance platform benefiting over 450 leading companies like Lipton, Martin Dow, Artistic Milliners, and over 250,000 employees in Pakistan.
Pakistan’s financial platform Abhi raises Rs2bn Sukuk bond, a ‘first in MENAP’
Starting with an initial Pre-Seed Investment of $2 million and utilising it to achieve high performance in the financial markets industry, Abhi went on to secure a Series A round of funding of $17 million in its first year and expanded its operations outside Pakistan in the 2022, he added.
“Subsequently, now Abhi’s valuation grew to $90 million and it was one of the 16 startups that got into the Hub71 family, helping expand operations in the UAE alongside that a white-label version of the solution was deployed in Bangladesh with the name Mitro”, Zaidi informed.
Most recently, Abhi was also awarded Technology Pioneer 2023 by the World Economic Forum, a first for Fintech in the MENAP region. Furthermore, Abhi became MENAPs first fintech to issue Islamic bonds (Sukuk) of PKR 2 billion in 2023. In addition, Abhi’s founders were selected as the 2nd Endeavour Entrepreneurs from Pakistan at the 38th International Selection Panel (ISP).
Talking about the products, Zaidi informed that presently, Abhi is offering multiple products including AbhiSalary, AbhiPayroll, AbhiKarobar and AbhiPay.
AbhiSalary enables employees to regularly meet their financial obligations by allowing them to access their earned salary through the ABHI mobile app, SMS, and WhatsApp within 30 seconds, anytime, anywhere throughout Pakistan.
AbhiPayroll solutions offer you to seamlessly process salaries across multiple bank accounts, bridge cash flow gaps, ensure punctual payments, and provide enhanced financial control for businesses. AbhiKarobar provides financial wellness solutions that empower organisations to leverage future cash flows, streamline operations, cut costs, and optimize cash flow management.
Copyright Business Recorder, 2023
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