Abhi, a UAE-based fintech company, has secured $15 million in credit financing, led by Shorooq Partners and Amplify Growth Partnership, as announced on Wednesday.
EWA, also known as on-demand pay, instant pay, or early wage access, provides employees the ability to access their earned wages before their payday, offering financial flexibility and reducing reliance on high-interest loans or debt.
Founded in 2021 by Omair Ansari and Ali Ladhubhai, Abhi focuses on embedded finance solutions such as EWA, payroll processing, payroll financing, and small and medium enterprise (SME) financing. Through partnerships with over 550 companies, Abhi has impacted more than 750,000 individuals, contributing to economic development and fostering social change.
In 2022, Abhi successfully raised $17 million in a Series A funding round led by international venture capital firm Speedinvest, with contributions from Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap, and FJ Labs. Regional venture capital firms like Fatima Gobi, Sarmayacar, and i2i Ventures also participated in the round.
Omair Ansari, CEO and co-founder of Abhi, expressed enthusiasm about the investment, stating, “This funding reflects strong confidence from leading regional investors in the fintech space. With this backing, we are well-positioned to expand our impact, ensuring every employee, regardless of their role, has the financial flexibility they need to succeed.”
Shorooq Partners and Amplify Growth’s investment underscores their commitment to supporting high-growth companies that foster financial inclusion. Nathan Kwon, head of Private Credit at Shorooq Partners, emphasized, “We hope this financing further enhances financial inclusion for underserved communities in the UAE through Abhi’s innovative technology. With our support, Abhi is set to accelerate its growth and become a leading fintech innovator in the region.”
