Pakistani financial wellness platform Abhi has raised $17 million in a Series A funding round led by venture capital firm Speedinvest.
Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap and FJ Labs also participated, along with existing and regional investors Sarmayacar, i2i Ventures and Fatima Gobi.
The company, which claims to be Pakistan’s premier financial wellness platform, says the funds will be used to expand its team and develop its marketing capabilities to meet customer demand.
Abhi has partnered with two major banks in Pakistan – United Bank Limited and Bank Alfalah – and has recently expanded into offering corporate finance.
Founded in 2021, the Karachi-based start-up helps employers provide the opportunity to advance salaries for employees.
Through a proprietary app or USSD shortcode, users can instantly withdraw a portion of their accrued salary 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 his platform and says his operations are now “cash flow positive”.
The Pakistani fintech raised $2m in seed funding in November 2021 in a funding round led by Vostok Emerging Finance.