ABHI Pakistan Empowers Employees through Earned Wage Access

ABHI Pakistan Empowers Employees through Earned Wage Access

Karachi, August 22, 2023 – ABHI Pakistan, the nation’s pioneering embedded finance platform, is revolutionizing financial empowerment in Pakistan with a suite of innovative financial solutions. These include Earned Wage Access, Invoice Factoring, and Payroll Solutions.

Mohammad Zaidi, the Chief Commercial Officer of ABHI, and his team, recently met with representatives from the Council of Economic and Energy Journalists (CEEJ) to unveil the remarkable success story of the company.

Representing CEEJ were President Raja Kamran, Secretary Kashif Munir, Treasurer Ashraf Khan and other members.

Empowering Pakistan’s Workforce

ABHI Pakistan, backed by the prestigious Y Combinator, has already had a profound impact, benefiting over 450 companies, including industry giants like Lipton, Martin Dow, and Artistic Milliners, as well as more than 250,000 employees across Pakistan. ABHI is playing a pivotal role in promoting financial wellness among individuals and businesses alike.

Zaidi recounted ABHI’s humble beginnings with an initial pre-seed investment of $2 million. This modest start led to exceptional performance in the financial markets, resulting in a successful Series A funding round of $17 million in its inaugural year. ABHI quickly expanded its operations beyond Pakistan, establishing itself as a trailblazer in the financial technology sector.

The company’s valuation skyrocketed to an impressive $90 million, and it gained entry into the Hub71 family, facilitating expansion into the United Arab Emirates. Additionally, a white-label version of ABHI’s solution, known as Mitro, was deployed in Bangladesh.

Global Recognition and Innovation

In acknowledgment of its groundbreaking work, ABHI was honored as a Technology Pioneer in 2023 by the World Economic Forum, marking a significant milestone for Fintech in the MENAP region. ABHI also made history as the first MENAP-based fintech to issue Islamic bonds (Sukuk) worth PKR 2 billion in 2023. Notably, ABHI’s founders were selected as the 2nd Endeavor Entrepreneurs from Pakistan at the 38th International Selection Panel (ISP).

AbhiSalary: Empowering Employees

ABHI’s standout offering, AbhiSalary, empowers employees to meet their financial commitments by granting them access to their earned salary through the ABHI mobile app, SMS, and WhatsApp, all within 30 seconds, from anywhere in Pakistan.

Streamlined Payroll Solutions

ABHI’s Payroll Solutions streamline salary processing across multiple bank accounts, bridging cash flow gaps, ensuring timely payments, and enhancing financial control for businesses. These solutions include:
Payroll Processing: Facilitating salary disbursements to various bank accounts or wallets through a dedicated Abhi Portal, simplifying the onboarding process for new employees.

Payroll Financing: Addressing cash flow constraints and preventing salary delays by providing financing solutions that empower businesses to maintain timely payments and enhance financial stability.

AbhiKarobar: Optimizing Financial Management

Another offering, AbhiKarobar, provides financial wellness solutions that enable organizations to optimize cash flow management, cut costs, and leverage future cash flows efficiently, all within the framework of Shariah-compliant financing.

AbhiPay: Modern Payment Solutions

Finally, ABHI’s payment gateway, AbhiPay, is designed to be a modern and versatile technology company, offering online payment acceptance and financial management solutions for businesses of all sizes. The platform ensures secure transactions, compliance with PCI-DSS requirements, and real-time tracking through a user-friendly merchant dashboard.

With ABHI Pakistan leading the way in financial innovation, both employees and businesses are poised to benefit from these cutting-edge solutions, paving the way for a more financially inclusive future in the country.