Abhi, which helps employees get early access to accrued wages, has reportedly raised $2m in its seed funding round.
Vostok Emerging Finance served as the lead investor, with commitments also coming from Village Global, Sarmayacar, i2i Ventures, Zayn Capital and Wagestream co-founder Portman Wills, according to a report from Menabytes.
Alongside the close of the round, the FinTech startup has been accepted onto the Y Combinator accelerator programme.
Funds from the round will be used to expand the company’s product development, team expansion and fund advances.
Pakistan-based Abhi enables employees to access their accrued wages whenever they want access. The company will charge the consumer a small transaction fee, with employers not having to pay anything. At the end of the month, the repayments will automatically be taken from the monthly salary.
The company currently has over 20 pilots with companies in a range of industries, including insurance, manufacturing, retail, pharmaceuticals and more.
Abhi co-founder Ali Ladhubhai told Menabytes, “Less than 2 million people in Pakistan have access to formal credit. We saw the need for an early wage access product that could allow them to access alternate digital finance together with a knowledge centre to educate them about using personal finance responsibly and to their benefit.
“This is just the beginning for us. We have plans to provide a range of digital financial services to allow for customers to conduct all financial transactions from a single financial app.”
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