Pakistani fintech start-up Abhi raises $17m in Series A funding

Pakistani financial wellness platform, Abhi, has raised $17 million in a Series A round led by venture capital firm Speedinvest.

Abhi raises $17m in Series A

Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap and FJ Labs also participated, as well as existing and regional investors Sarmayacar, i2i Ventures and Fatima Gobi.

The company, which claims to be Pakistan’s first financial wellness platform, says the funds will be used to expand its team and build out marketing capabilities to meet customer demand.

Abhi has partnered with two big banks in Pakistan – United Bank Limited and Bank Alfalah – and has recently expanded into offering business financing.

Founded in 2021, the Karachi-based start-up helps employers provide the option of advance salaries for employees.

Through a proprietary app or USSD short code, users can withdraw a portion of their accrued salary instantaneously to any bank account or wallet, with a 2% transaction fee deducted upfront.

Abhi claims to have signed up over 150 companies with a combined employee base of 250,000 on its platform and says that its operations are now “cash flow positive”.

The Pakistani fintech raised $2 million in seed funding in November 2021 in an equity round led by Vostok Emerging Finance.