Pakistani fintech company Abhi announced on October 16 that it has secured $15 million in debt financing through a credit facility led by Shorooq Partners and Amplify Growth Partnership.
The investment aims to bolster Abhi’s leadership in the Middle East, North Africa, and Pakistan (MENAP) region’s flourishing fintech sector. The funds will be directed towards scaling the company’s operations in the United Arab Emirates (UAE), Abhi said.
Strengthening financial inclusion in MENAP Region
“ABHI, a leading fintech company seeking to enhance financial inclusion for employees and small and medium-sized enterprises in the MENAP region, has secured $15 million in debt financing through a credit facility led by Shorooq Partners and Amplify Growth Partnership,” the company said in its release.
The funding will support the company’s mission to expand its reach and offer paid services that address the financial needs of the UAE’s workforce.
The company’s Earned Wage Access (EWA) facility, which allows employees early access to their wages, has already processed around $55 million in earned wage disbursement services across 545,000 transactions in the UAE.
Industry leaders back Abhi’s expansion
Omair Ansari, CEO and Co-founder of Abhi, welcomed the financing as a “strong vote of confidence from prominent fintech investors.” He added, “With this funding, we are ready to expand our impact, ensuring that every employee, regardless of role, has the financial flexibility they need to succeed.”
Nathan Cowan, Head of Private Credit at Shorooq Partners, expressed optimism about the fintech’s future. “With the support of Shorooq and Amplify, Abhi is poised to accelerate its growth and become a leading innovator in the region,” Cowan remarked. He emphasized that the investment would enhance financial inclusion and wage disbursement in the UAE through innovative technology.
Rapid Growth and Industry Recognition
Since its founding in 2021, ABHI has experienced rapid growth, achieving a $90 million valuation within just two years. The company has formed partnerships with over 550 companies across Pakistan, UAE, and Bangladesh, and has introduced additional credit-bridging products. In 2023, ABHI was recognized as a Technology Pioneer by the World Economic Forum, making it the first fintech in the MENAP region to receive the accolade.
The firm was also named one of the Future 100 companies in the UAE last year.
Shorooq Partners and Amplify Growth partnership
Amplify Growth Partnership, based in the UAE, focuses on supporting tech-driven companies that are transforming the Gulf Cooperation Council and the broader MENA region. Shorooq Partners, also headquartered in the UAE, is a prominent alternative investment manager, known for backing innovative companies across various sectors in the region. Their involvement in this financing underscores the potential they see in ABHI’s growth trajectory.