KARACHI: ABHI has secured $15 million in debt financing through a credit facility led by Shorooq Partners and Amplify Growth Partnership, a statement said on Thursday.
ABHI is a leading fintech company seeking to enhance financial inclusion for employees and small- and medium-sized enterprises in the Middle East, North Africa and Pakistan (MENAP) region.
“This funding will enable ABHI to expand its operations and provide paid services to meet the needs of the country’s workforce,” it said in the statement.“To date, ABHI has provided approximately $55 million in earned wage disbursement services to more than 545,000 transactions in the UAE. With this strategic investment, ABHI is poised to play a pivotal role in promoting financial inclusion in the UAE,” it added.
Head of Private Credit at Shorooq Partners Nathan Cowan said: “We hope this funding will enhance financial inclusion and facilitate the disbursement of wages earned in the UAE through ABHI’s innovative technology.”
In another deal, ABHI and the UAE-based Codebase Technologies also announced its strategic partnership to introduce innovative earned wage access (EWA) solutions across multiple geographies through Codebase Technologies’ Digibanc platform. This collaboration signifies a major milestone in advancing global financial inclusion, offering businesses cutting-edge tools to support their employees’ financial well-being.
Recent reports indicate that approximately 76 per cent of workers live paycheck to paycheck, and over 60 per cent of employees experience financial stress that directly impacts productivity and job satisfaction. Furthermore, with 1.7 billion people worldwide lacking access to formal financial services, the need for accessible financial solutions is more critical than ever. The collaboration between Codebase Technologies and ABHI addresses these pressing issues, providing an alternative to high-interest loans and costly credit options.
ABHI’s co-founder and COO, Ali Ladhubhai, added: “By leveraging the power of Digibanc’s platform, we are extending these benefits across multiple geographies, giving people instant access to their earnings when they need them most. At the same time, we are enabling businesses to adopt smarter, more efficient ways to manage cash flow, creating a win-win for both employers and employees.”
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