Abhi, a leading fintech company that seeks to enhance financial inclusion for employees and SMEs in the Middle East, North Africa and Pakistan (MENAP) region, has announced the securing of $15 million in debt financing through a credit facility led by Shorooq Partners and Amplify Growth Partnership.
This latest funding represents a vote of confidence in Abhi’s services and reinforces its leadership position in the region’s rapidly evolving fintech sector.
This funding will enable Abhi to expand its operations and offer earned wage disbursement services to meet the workforce needs of the country.
To date, Abhi has provided around $55 million in earned wage disbursement services for over 545,000 transactions in the UAE. With this strategic investment, Abhi is poised to play a pivotal role in advancing financial inclusion in the UAE.
“We hope this financing will contribute to enhancing financial inclusion and facilitating the disbursement of wages earned in the UAE through Abhi’s innovative technology,” said Nathan Cowan, Head of Private Credit at Shorooq Partners.
With the support of Shorooq and Amplify, Abhi is poised to accelerate its growth and become a leading innovator in the region.”
Traditional banking
“We are excited to lead this co-investment in Abhi, a company that is transforming financial services by bringing earned wages to individuals and businesses who are unable to access traditional banking services,” added Sharaf Sharaf, Head of Amplify Growth Partnership.
“Through innovative technology, Abhi enables SMEs and their employees to address critical financial needs and mainstream financial services across our region.”
Financial flexibility
“This investment represents a strong vote of confidence from prominent investors in the fintech space. With this funding, we are poised to expand our impact and ensure that every employee, regardless of their role, has the financial flexibility they need to succeed,” said Umair Ansari, CEO and Co-Founder of Abhi.
The MENA and Pakistan region is witnessing an acceleration in digital transformation, with increasing regulatory support for FinTech innovation and a growing demand for financial inclusion. As a leading FinTech in this context, Abhi is seizing the opportunity to expand its services, offering key financial services to the underserved.
Shorooq Partners and Amplify Growth worked closely on this financing, leveraging their regional expertise to deliver a structured financing solution for Abhi. This collaboration highlights their shared commitment to supporting fast-growing companies in the MENAP region and promoting financial inclusion through innovative investment strategies
