Within a year of launching, Pakistani financial startup Abhi Pvt. secured a $17 million Series A investment at a valuation of $90 million, making it the latest startup to benefit from investors’ growing interest in the South Asian country.
People can use the loan startup instead of asking their boss, family, or friends for money to get by until their next paycheck. It also provides working capital lending to small and medium-sized businesses. The business currently has a positive cash flow.
In an interview, Ansari remarked, “This is the first time you’re able to gain this access in the country.” “As more consumers and small businesses gain access, it becomes something they want to use.”
We’re on a mission to financially empower salaried Pakistanis, and we’re only getting started! ABHI is excited to work with additional businesses to help them and their workers benefit from the wide range of financial wellness offerings we have to offer.
A registered user can access their funds in less than 30 seconds and two clicks, with a flat transaction cost of 2%. The payments are withdrawn from your next paycheck automatically.
Ansari, a co-founder, formerly worked at Morgan Stanley, where he headed two funds and was seeking investment possibilities in consumer companies and fintech in emerging and frontier countries. From China to Brazil, he assisted with early-stage investments in fintech businesses. He was also a consultant for VEF, a fintech firm that focuses on the frontier and emerging markets.
Since a previous round in November, the company has grown its user base to 650,000 from around 200,000 and has onboarded over 150 businesses. Individuals can access 15% to 20% of their monthly wage through the platform, according to Ansari.
“Abhi has the potential to improve millions of lives across MENA and South Asia,” said Stefan Klestil, Speedinvest’s general partner. “It’s no surprise they’ve established themselves as one of Pakistan’s fastest-growing businesses.”
Image Credit: Abhi
