'Abhi' Raises $2 Million to Launch Salary Advance App for Employees
Summary
Abhi, a Karachi-based startup that provides employee salary advances based on accrued wages, has raised $2 million for their seed round. Abhi, co-founded by Omair Ansari and Ali Ladubhai, plans to transform the way people spend their money, aiming to become the first and largest financial wellness platform in Pakistan. Co-founder Ansari, who previously advised and invested in fintech solutions in emerging & frontier markets, noted, We believe financial wellness and access to credit are basic human rights, which we aim to bring to all our customers. The traditional pay cycle has tied up employees’ earned income for as long as we can remember, forcing workers to turn to overdraft, payday loans and other products. Currently, the Abhi team has joined the Summer Cycle of an American seed funding accelerator, Y-Combinator, which helps startups with idea-generation and company growth.