Abhi Secures $15 Million Financing for Further Expansion in UAE

Pakistani fintech Abhi has secured $15 million in credit financing through a credit facility led by Shorooq Partners and Amplify Growth Partnership. The UAE-based fintech Codebase Technologies announced its strategic partnership with Abhi to introduce innovative Earned Wage Access (EWA) solutions across multiple geographies through Codebase Technologies’ Digibanc platform. This collaboration signifies a major milestone in advancing global financial inclusion, offering businesses cutting-edge tools to support their employees’ financial well-being. Recent reports indicate that approximately 76% of workers live paycheck to paycheck, and over 60% of employees experience financial stress that directly impacts productivity and job satisfaction. Furthermore, with 1.7 billion people worldwide lacking access to formal financial services, the need for accessible financial solutions is more critical than ever. The collaboration between Codebase Technologies and Abhi addresses these pressing issues, providing an alternative to high-interest loans and costly credit options. “We hope this financing will contribute to enhancing financial inclusion and facilitating the disbursement of wages earned in the UAE through Abhi’s innovative technology,” said Nathan Cowan, Head of Private Credit at Shorooq Partners. With the support of Shorooq and Amplify, Abhi aims to accelerate its growth and become a leading innovator in the region. “We are excited to lead this co-investment in Abhi, a company that is transforming financial services by bringing earned wages to individuals and businesses who are unable to access traditional banking services,” added Sharaf Sharaf, Head of Amplify Growth Partnership. “Through innovative technology, Abhi enables SMEs and their employees to address critical financial needs and mainstream financial services across our region.” “This investment represents a strong vote of confidence from prominent investors in the fintech space. With this funding, we are poised to expand our impact and ensure that every employee, regardless of their role, has the financial flexibility they need to succeed,” said Umair Ansari, CEO and Co-Founder of Abhi. Shorooq Partners and Amplify Growth worked closely on this financing by leveraging their regional expertise to deliver a structured financing solution for Abhi. To date, Abhi has provided around $55 million in earned wage disbursement services for over 545,000 transactions in the UAE.