Pakistan-based FinTech company Abhi has reportedly raised $17m in its Series A funding round, which values the company at $90m.
This round was led by Speedinvest, which marks the firm’s first investment into Pakistan, according to a report from Bloomberg. The round was also backed by Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap, FJ Labs, Fatima Gobi, Sarmayacar and i2i Ventures.
Abhi enables users to get access to up to 50% of their earned salary, at any time of the month. Other benefits of the mobile app include access to money whenever, unlimited transactions, one flat rate and it is Shariah compliant.
The FinTech company was previously raised at $40m when it closed a funding round in November 2021. The size of the investment was not revealed.
Since this round, the company has allegedly increased its user base from 200,000 to 650,000 and onboarded more than 150 companies. Individuals are accessing 15% to 20% of their monthly wage via the platform.
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