Abhi, a Karachi-based provider of salary and working capital advances, raised $17 million in Series A funding from Speedinvest, Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap, FJ Labs, Fatima Gobi Ventures, Sarmayacar, and i2i Ventures.
Elevator Pitch: Get access to up to 50% of your salary any time of the month.
Tell me more: It is common in Pakistan to not receive salaries on time. Some people go months without receiving their salaries.
Nonetheless, bills must be paid in full on time.
People often borrow money from friends and family or use credit cards to pay their expenses and bills.
Abhi offers a solution to all these problems.
Upon registering with Abhi, employers can create employee accounts. Employees can access funds through it at a flat 2% fee.
After that, the amount is automatically deducted from the next paycheck.
Additionally, it provides financing for working capital requirements for small and medium-sized businesses.
You should know: Abhi was founded by Omair Ansari and Ali Ladhubhai in 2021. To date, it has raised $19+ million in funding and is now valued at $90 million.
It is currently working with 150 companies, including Baskin-Robbins, QisstPay, VavaCars, and Daraz.
Zoom Out: Since Abhi’s previous round in November, its users have grown from 200,000 to 650,000. Abhi claims that its users access 15% to 20% of their monthly salary through the platform.