Pakistani Startup ABHI Seeking Expansion In UAE Market

“It’s heartening to see how many companies in the UAE want to work with us, and we’re thrilled to help them financially empower their employees,” Omair Ansari.

Pakistani Startup ABHI Seeking Expansion In UAE Market

Pakistani startup ABHI is looking to expand to the United Arab Emirates (UAE) to compete in the country’s fintech market, according to its top official.

In an interview, Omair Ansari, CEO of Pakistani Startup ABHI, stated that the company, which assists workers in withdrawing their earned income during times of need without requesting salary advances or personal loans, intends to expand to the Middle East and North Africa (MENA) and the United Arab Emirates (UAE).

“UAE is our first market because the country is empowering new, promising startups with incredible talents,” says the CEO. “We have been chosen by Hub71, and we intend to capitalise on this opportunity,” Ansari said.

Hub71 is Abu Dhabi’s global tech ecosystem, providing access to global markets, a capital ecosystem, a global network of partners, and a vibrant community to enable founders to build globally enduring homegrown tech companies in any sector. “The team and I have attended a number of fintech events in recent months, where we networked with a number of companies interested in Earned Wage Access” (EWA).

“It’s heartening to see how many companies in the UAE want to work with us, and we’re thrilled to help them financially empower their employees,” he added. Ansari anticipates that 2023 will be a fantastic year for ABHI as it prepares for international expansion.

In less than two years, the company raised $19 million in three stages from investors in the United States and the United Arab Emirates. This startup has received Series “A” funding for about 8 months.

83 companies raised $350 million in 2021 and another $136.6 million in the first three months of 2022 in Pakistan, according to Invest2Innovate, a Pakistani consulting firm.

“At ABHI, we assist employees and employers in streamlining their cash flows. With EWA, employees can withdraw their earned salaries in times of need without requiring salary advances or personal loans,” he explained.

“Simultaneously, we offer payroll financing and invoice factoring solutions to businesses so they can continue their operations without any cash flow hindrances. Our other product, AbhiPay, is a payment gateway for e-commerce merchants that allows them to receive payments instantly rather than waiting three working days for settlements.”

What began as an instant payment product has evolved into a financial ecosystem in which money flows freely from businesses to individuals and back again. According to Ansari, for our economy to grow, money must move quickly from one hand to another, and we are proud to facilitate that.

“With thousands of salaried workers from 350+ companies using our EWA facilities, including Gul Ahmed, Artistic Milliners, Cnergyico, United King, TPL Corp., and others, we’re proud to serve a working class that has been neglected for far too long,” he said.

Growing at scale is difficult in these difficult economic times, but this startup is making significant progress. “We only hire when it is absolutely necessary. We only form new teams when necessary. We add product features only when there’s enough demand,” he said, and added, “We are honest and transparent with our investors, employees, clients, and customers, which builds their trust and confidence in us that ABHI will spearhead through any obstacle and move forward.”

Fintech startups bear a great deal of responsibility when it comes to financial literacy, inclusion, and empowerment, he says.