Pakistan fintech startup Abhi closes new funding round, valued at $90 million

Asian Tech Press (Apr. 19) -- Pakistani fintech startup Abhi Pvt Ltd. closed its latest funding round at a valuation of $90 million.

Abhi, a salary advance app that allows salaried employees to access funds before payday, raised $17 million in Series A funding, led by European seed-stage VC Speedinvest.

The Karachi-based financial company's $17 million round was also participated by U.A.E.-based Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap, FJ Labs, Fatima Gobi, Sarmayacar and i2i Ventures.

Last November, the company closed its bridge round led by Global Ventures at a $40 million valuation.

The finance startup offers an alternative to people asking their employer, family or friends for cash to stay afloat until their next salary. It also provides financing to small and medium-sized companies with working capital needs.

Since its last funding round in November, the company has grown from about 200,000 to 650,000 users and has more than 150 companies on board.

You must be login to post a comment.