Karachi-based fintech Abhi has raised a $17M Series A round, claiming a $90M valuation. The deal was led by Speedinvest, an Austrian VC with over 329 investments, and saw participation from Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap, FJ Labs, Fatima Gobi, Sarmayacar, and i2i Ventures.
Founded in 2021 by Ali Ladhubai and Omair Ansari, Abhi has raised over $19M in disclosed funding. Their latest $90M valuation is a step-up from their $40M price tag announced in November 2021 after an undisclosed bridge.
Abhi, a financial wellness platform, enables employees to withdraw salary advances based on their accrued wages. The company claims positive cash flow with Total Payment Values of $46M in February 2022 from $2M in November 2021.
Of the $203M+ raised by Pakistani startups in 2022, fintechs bagged $49.5M with Abhi in the lead, followed by Nayapay. Well-funded e-commerce players – Bazaar, Retailo and Jugnu – have also launched their BNPL offerings.
Similarly, international fintechs are also looking to expand to the Pakistani market especially within the payments and banking space. Earlier this week, Egypt’s Paymob announced partnering with Bank Alfalah to expand its footprint in the country.