An innovative financial technology startup called Abhi has achieved a major milestone for the fintech scene in Pakistan by being listed in the prestigious Future 100 companies of UAE.
An innovative financial technology startup called Abhi has achieved a major milestone for the fintech scene in Pakistan by being listed in the prestigious Future 100 companies of the United Arab Emirates (UAE).
The Future100 initiative, a collaboration between the UAE’s economy ministry and the minister of state for government development and future, recognizes and spotlights the top 100 startups contributing to the nation’s future readiness and economic competitiveness.
Abhi, which provides innovative financial solutions to businesses and their employees, started its operations in the UAE in 2022. The fintech facilitates earned wage access, allowing salaried employees to access a portion of their earned salary before the scheduled payday through the Abhi mobile app or SMS.
In a significant partnership inked in September this year, Abhi joined forces with Visa Inc., the world’s leading multinational payment card services provider, and YellowPepper, a mobile banking services company. This collaboration aimed to introduce account-to-account payments in the UAE, further solidifying Abhi’s position as a trailblazer in the fintech space.
Omair Ansari, co-founder and CEO of Abhi, expressed the team’s excitement and honor at being selected as a Future 100 company in the UAE. Ansari stated, “This achievement underscores our commitment to promoting financial wellness in the region.”
The Future 100 Awards ceremony, attended by high-profile figures including Abdulla Bin Touq Al Marri, the UAE’s minister of economy, and Ohood bint Khalifa Al Roumi, the country’s minister of state for government development and the future, served as a platform to recognize and celebrate the contributions of innovative startups.
Abhi’s embedded finance platform, offering instant credit access, has proven instrumental in aiding businesses, employees, and vendors in bridging payment gaps. The fintech, licensed by both Abu Dhabi General Market and Dubai International Financial Center, has established partnerships with over 450 companies, contributing to economic growth in the region.
In a remarkable achievement, Abhi secured recognition as a Technology Pioneer by the World Economic Forum in 2023, making it the first fintech enterprise in the MENAP (Middle East, North Africa, and Pakistan) region to receive this prestigious acknowledgment.
Despite global economic uncertainties, Pakistani startups have made a notable impact on the international funding landscape.
In 2021, these startups raised approximately $375 million, surpassing the total funds raised in the previous six years. However, the funding landscape in 2023 has seen a shift, with cumulative funding standing at $34 million during the first nine months of the year, constituting 10% of the total funds raised in 2022, according to startup funding advisory firm Alpha Beta Core (ABC).
Abhi’s recognition among the UAE’s Future 100 companies not only highlights its success on the international stage but also signifies the growing influence of Pakistani fintech startups in the global arena.
The accolade serves as a testament to Abhi’s commitment to financial empowerment and innovation, reinforcing its position as a key player in shaping the future of fintech in the Middle East and beyond.