Pakistan’s financial wellness platform Abhi has raised $17 million in a Series A funding round. The fund raise was led by venture capital firm Speedinvest and supported by Dubai-based Global Ventures, VentureSouq, VEF, Sturgeon Capital and Rallycap.
“We help people access their salary as they earn it to meet their interim financial needs, whether that be from paying bills on time to availing of discounts despite not having cash,” explains Co-Founder Omair Ansari. “It is usually very difficult for a salaried person to get short-term or medium-term credit in Pakistan. It can take 3-6 months just to get a credit card. We help in under 20 seconds.”
Abhi enables workers to draw down a percentage of their accrued salary before payday, thus helping customers avoid late payment fees on bills and providing access to cash during emergency.
The proceeds of the latest funding round will help the fintech firm expand its team and meet huge demand.
Announcement: Abhi Raises %17M for Financial Wellness