Pakistan's Abhi Pvt, a financial platform, has raised funds at a $40-million valuation just months after introducing its business that allows salaried employees to access funds before payday, reported Bloomberg on Monday.
The Karachi-based company’s bridge round was led by UAE-based Global Ventures, which invested for the first time in Pakistan, according to Chief Executive Officer Omair Ansari.
The amount of funds raised in this round was not disclosed.
US-based Next Billion Ventures, VEF AB, Rally Cap Sarmayacar and VentureSouq also participated in the fundraising, along with TPL e-Ventures and i2i Ventures, Ansari said, according to the Bloomberg report.
Founded by Omair Ansari and Ali Ladhubhai earlier this year, the Karachi-based startup is aiming to become the first financial wellness platform by changing how people spend their money through its web and mobile app, it says.
The platform will start operations in Bangladesh early next year, said Ansari. There is no such platform in Sri Lanka and countries in the Middle East, he said, providing expansion opportunities for the company, added the report.
The model
Abhi’s platform aims to enable employees of its partners to withdraw salary advances based on their accrued wages at any time. As the fintech will be funding these advances, they will have no effect on partner employer’s balance sheets and repayments will be deducted from the employee’s salary.
The app takes less than 30 seconds and two clicks for a registered...
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