Pakistan and start “Abhi” raise $2 million to launch the employee Pay Raise application
Abhi, a City-based start-up that provides the employees with a salary advance payment is calculated on the basis of the salary has increased to $ 2 million for the initial phase.
The funding round is being led by the VND, a well-established fintech investor, and Sarmayacar, a local leader of a group of international and local investors, including the Global Village, the i2i Ventures, and Zayn’s Equity. According to a press release, which was released by Abhi, this is the first fintech investment in the Global Village in Pakistan.
In Pakistan, many of our employees are living paycheck to paycheck, and at the end of the month, most of them spend their earnings to pay for utility bills, home expenses, and in case of emergencies. Abhi’s company, co-founded by Omair Ansari and Ali Ladhubhai, we are planning to change the way people spend their money and who want to be the first and the most important financial wellness platform in Pakistan.
The founder of the Ansari, who in the past has been announced, and was invested in fintech solutions, and emerging, and frontier markets, said:” We believe that the economic well-being and access to credit is a fundamental human right, as we strive to communicate to all of our customers. Our goal is to digitize the consumer to eliminate the pain points of the manual payment process, and to be where consumers need it most. Your reward is to have your own business, and we want it to be, and this is the result of Abhi (now).”
“Before the start, Abhi memorandum of understanding of 20 companies that are currently conducting a three-month pilot program,” the statement said, adding that, in addition to this, the response was to focus on getting the information about the employees ‘ work, their needs, and what the loans were in the condition it was.
In addition, this exercise will also show an employer that Abhi is not to disturb, cash flow, or business processes, and the expenditure of the employees or of the invoice. Instead, the company will have a more motivated team of employees, which leads to productivity, and greater employee satisfaction and retention.
“The companies that are involved in the project represent the industries and sectors such as insurance, steel, and manufacturing, pharmaceutical, textile, and retail sales, which makes Abhi validate the product, as well as to gather information for the future growth of the key indicators.”
Dave Nangle, a Partner in YER said:” We are delighted to be working with Omair, who is Abhi’s team. This investment allows the VEF to carry out our mission to improve the financial well-being of the average Pakistani.”
Co-founder, Ali Ladhubhai, who previously founded Pakistan’s fintech startup KarloCompare who manages the Foree company, noted: “at least 2 million people in Pakistan have access to formal loans. We saw the need for early access to the wages and salaries of product that would allow them to access digital financial options, together with a knowledge centre, to train them to use personal finances in a responsible way, and to be of benefit to them.”
From the standpoint of the future of innovation, Ladhubhai, said: “This is just the beginning for us.” We are planning to introduce a range of digital financial services, enables its customers to conduct financial transactions and financial applications.”
Sarmayacar The General Partner, Dr. Bernhard Klemen added: “The annual rate of salary of the city, in order to engage with the employees in the 100 000 or more in the public and private sector of Pakistan is estimated at more than us $ 65 billion, however, the official reports show that only one official channel, the loan amount is a little over $ 3 billion, and millions of people to have the opportunity to buy a smaller informal channel, at low prices.
Sarmayakar, based on that statement, ” says Abhi’s faith, the vision, and I’m happy to support Omair Ali, turning the way People enter the loan, and, over time, to build the region’s leading financial wellness platform.”
Misbah Naqvi, co-founder and executive partner of the i2i Ventures, said: “the ability to capture the pay should be the right of every employee, and we’re excited to support Omair Ali, the release of innovative companies in Pakistan’.”
“A fintech is a place of interest, in Pakistan are in right now, and we believe that it is Abhi’s team has the right skills and a good opportunity to take advantage of this opportunity in the market, in order to create Pakistan’s first financial wellness platform, and enhance the economic entry to one of the largest untapped markets in the world,” he said.
The statement pointed out that the State Bank of Pakistan said that no more than 20 percent of Pakistanis have a bank account. “This is a loss, we can tell you that 80% of the population are able to get the transactions. To fill this gap, it is the first step to financial inclusion, and in the number of companies in order to understand, and you will be relieved to digital wallets, and even easier to complete the transaction model.”
Ben Kasnoha, one of the co-founders and partners in the Global Village, added: “Financial integration, has many opportunities for growth in Pakistan, and because of that a lot of people do not have access to basic banking services because of a lack of financial stability. Therefore, we believe that the state of the market is ripe for disruption, and we believe that Abhi’s model is the best way to do it. We are very happy to be with them on this journey.”
“It is Abhi’s team is preparing for the 100-year anniversary of the bike to the Y Combinator, American Gas-seed funding, objectives, equipment, start-up, with the skills and knowledge to help their ideas grow. They did this in order to increase the number of students from companies such as Airbnb, Dropbox, Reddit, and Coinbase, ” the statement said.