RIYADH: Pakistani financial platform Abhi Pvt. has raised funds at a $40 million valuation just four months after introducing its business that allows salaried employees to access funds before payday.
The bridge round was led by UAE-based Global Ventures, investing for the first time in Pakistan, along with US-based Next Billion Ventures, VEF AB, Rally Cap Sarmayacar and VentureSouq, CEO Omair Ansari said.
TPL e-Ventures and i2i Ventures also participated, he said, Bloomberg reported.
The early wage access platform will start operations in Bangladesh next year, according to the CEO.
There is no such platform in Sri Lanka and countries in the Middle East, he said, which will provide expansion opportunities for the company.
The company plans its Series A round early next year, Ansari, who left Morgan Stanley in New York and moved to Karachi for the startup, said.
Pakistan, the world’s fifth most populous nation, received more than $300 million funding in startups this year, which is a record amount that is more than in the past six years combined.
