fbpx

Abhi Raises USD 15M in Debt Financing to Boost Financial Inclusion Across MENAP

Abhi Raises USD 15M in Debt Financing to Boost Financial Inclusion Across MENAP

– Abhi secures $15 million in credit financing from Shorooq Partners and Amplify Growth Partnership to expand financial inclusion in the MENAP region. 

– The new funding will help scale Abhi’s Earned Wage Access (EWA) services, which have already facilitated $55 million in transactions across the UAE. 

– Abhi aims to further financial inclusion for underserved communities and empower SMEs and employees with advanced financial services. 

Abhi, a leading fintech company promoting financial inclusion for employees and SMEs across the Middle East, North Africa, and Pakistan (MENAP) region, has secured $15 million in credit financing led by Shorooq Partners and Amplify Growth Partnership, according to an official statement.

With this funding, Abhi plans to scale its operations and further expand its Earned Wage Access (EWA) services, which serve both blue- and white-collar workers. Abhi has provided approximately $55 million in EWA through 545,000 transactions in the UAE.

“It is our hope that this facility further drives financial inclusion of underserved communities in the UAE through Abhi’s proprietary technology,” said Nathan Kwon, 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.”

Sharaf Sharaf, Fund Head at Amplify Growth Partnership, added: “We are excited to co-lead this investment in Abhi, a company that is transforming financial services by providing underbanked individuals advanced access to their earned wages. Through innovative technology, Abhi is empowering both SMEs and their employees, addressing critical financial needs while democratizing financial services across our regions.”

“This investment represents a strong vote of confidence from a prominent regional investor in the fintech space,” said Omair Ansari, CEO and co-founder of Abhi. “With this funding, we are poised to scale our impact, ensuring that every employee, regardless of their role, has access to the financial flexibility they need to thrive.”

The MENAP region is experiencing rapid digitalization, with growing regulatory support for fintech innovation and an increasing demand for financial inclusion. Abhi, as a leading fintech player in this space, is taking advantage of this opportunity to extend its services to underserved populations.

Shorooq Partners and Amplify Growth worked closely together on this financing, leveraging their regional expertise to structure an effective solution for Abhi. Their collaboration underscores a shared commitment to supporting high-growth companies in the MENAP region and promoting financial inclusion through innovative investment strategies.

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.