Pakistan-based Abhi closes investment at a $40m valuation

Abhi, a Pakistan-based FinTech that helps people early access to earned wages, has reportedly raised funding at a $40m valuation.

The size of the investment was not revealed, but the capital was supplied by UAE-based investor Global Ventures, according to a report from Bloomberg which cites Abhi founder and CEO Omair Ansari.

Commitments to the round also came from Next Billion Ventures, VEF AB, Rally Cap, Sarmayacar, VentureSouq, TPL e-Ventures and i2i Ventures.

Abhi already has its sights on more fundraising, with plans to raise a Series A round in early 2022.

As part of its expansion plans, the company is looking to launch in Bangladesh early next year. Ansari also noted there are no platforms in Sri Lanka and countries in the Middle East that offer access to earned wages, making them prime growth markets.

Abhi empowers employees to get early access their accrued wages, with the company taking a small transaction fee. The company is allegedly working with 75 companies.

This is Abhi’s second funding round this year, having previously collected $2m in its seed round in June. The initial round was backed by Vostok Emerging Finance, Village Global, Sarmayacar, i2i Ventures, Zayn Capital and Wagestream co-founder Portman Wills.

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