Pakistani salary-advance startup, Abhi has raised funds at a $90 million valuation within a year of starting its business. Recently, in the latest Series A round directed by Speedinvest, the startup raised $17 million in funding. Abhi is built on the idea of enabling salaried employees to access funds before payday.
Moreover, the raised funding round was led by international venture capital (VC) firm Speedinvest and supported by Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap, and FJ Labs, said the company in a statement. Also participating were regional VC firms and existing investors, Fatima Gobi, Sarmayacar, and i2i Ventures.
We are proud to announce that ABHI has raised $17 million in Series A at a $90 million valuation 🚀The round was led by @speedinvest (First Investment in Pakistan) 💪@business article: https://t.co/tUiBkfYnQY#abhikaro #innovation #pakistan #fintech #funding #seriesA pic.twitter.com/fuDFxEY03K
— Abhi (@abhikaropk) April 19, 2022
Abhi Will Use the Latest Raised Funding to Expand its Team and Operations
Furthermore, the salary-advance startup was established by Omair Ansari and Ali Ladhubhai in 2021, said it plans to use the latest raised funding to expand operations and its team, while also meet increasing customer demand. The startup hopes to become the first financial wellness platform by transforming how people spend their money through its web and mobile app.
The Salary-Advance Startup Has Raised an Impressive Amount of Funding in a Single Year
Moreover, back in June 2021, the startup also raised $2 million as seed investment, led by Vostok Emerging Finance. Later, in November, it said it had raised funds again, this time at a $40-million valuation, just months after launching its business. The amount of funding raised in this round was not disclosed. Abhi’s platform looks to allow employees of its partners to withdraw salary advances based on their accrued earnings at any time. As the salary-advance startup will be funding these advances, they will not affect the partner employer’s balance sheets and repayments will be deducted from the employee’s pay.