Abhi, a Karachi-based Fintech startup focused on salary advances, raised an undisclosed amount in a bridge round from Global Ventures, Next Billion Ventures, Vostok Emerging Finance, Rally Cap, Sarmayacar, VentureSouq, TPL e-Ventures, and i2i Ventures.
Elevator Pitch: Salary advance anytime during the month for a flat rate.
Tell me more: In Pakistan, not receiving salaries on time is a common problem. Some people do not receive their salaries for months at a time.
But bills have to be paid on time.
In many cases, people borrow money from friends or family or resort to using their credit cards for their expenses and bills.
Abhi offers a solution to all these problems.
Upon registering with Abhi, employers can create employee accounts. Funds can be accessed through it by employees at a flat 2% fee.
After that, the amount is automatically deducted from the next paycheck.
In addition to the app, users can access funds via SMS and Whatsapp.
You should know: Abhi was founded by Omair Ansari and Ali Ladhubhai earlier this year. It raised $2 million in seed funding in June and $125,000 after graduating from Y Combinator’s Summer 2021 batch.
After the bridge round, Abhi is now valued at $40 million.
It is currently working with 75 companies including Baskin-Robbins, Espresso, and Daraz.
Zoom Out: Abhi plans to launch operations in Bangladesh in early next year. It also plans to launch more products, such as saving accounts.
One more thing: Bridge rounds are unheard of in Pakistan. A bridge round is a small amount of money that helps a startup transition from a Seed round to a Series A round.