Abhi Gets $15M Debt Financing to Further Push FinTech Solutions in UAE

UAE-based FinTech Abhi secures $15M in debt funding to deliver on-demand pay and Small Medium Enterprise (SME) financing to underserved markets.

Dubai-based digital financiers, Abhi, in a financing credit arrangement closed at $15 Million facilitated by Shorooq Partners and Amplify Growth Partnership. This capital raise is intended to finance Abhi’s growth in the novel Early Wage Access (EWA) and Small Medium Enterprise (SME) financing products.

A new challenge of using early wage access as an employee benefit is giving power to employees to have control over their financial stability.

Employees can get early wage access before the payment day, which is EWA, the key offering by Abhi. It cuts down on expensive forms of credit and gives workers financial mobility. Currently, the company has worked with more than 550 organizations, thereby positively influencing over 750000 people.

Related Content: Abhi, Pakistan-based Fintech startup to expand into UAE

Founded in 2021 by Omair Ansari and Ali Ladhubhai, Abhi got its start in embedded finance, payroll processing, and Small Medium Enterprise (SME) financing. Moreover, the business itself increased its footprint in the FinTech market in 2022 by securing $17 million in Series A round funding.

Abhi’s current investors, Shorooq Partners, and Amplify Growth, have backed the company to improve the consumers’ financial literacy and adoption of innovative financial products in the UAE. Additionally, this funding will help Abhi effectively enhance the growth of the company and extend financial services to the unserved population.

Shorooq Partners’ Commitment:

Nathan Kwon, who holds the position of Private Credit at Shorooq Partners, stressed the firm’s commitment to improving the availability of more credit via technological solutions. Further, with this support, Abhi is ready to transform the region into a competitive ground for FinTech innovations.

Image Credit: Abhi