Salary-advance startup attracts UAE, U.S. funding at $40 million valuation
Published 15 Nov,2021 via Bloomberg–Pakistani financial platform Abhi Pvt. raised funds at a $40 million valuation just four months after introducing its business that allows salaried employees to access funds before payday.
The Karachi-based company’s bridge round was led by U.A.E.-based Global Ventures, which invested for the first time in Pakistan, according to Chief Executive Officer Omair Ansari. U.S.-based Next Billion Ventures, VEF AB, Rally Cap Sarmayacar and VentureSouq also participated in the fundraising, along with TPL e-Ventures and i2i Ventures, he said.
Venture capital funds have ramped up investments in startups across Asia. Pakistan, the world’s fifth most populous nation, received more than $300 million funding in startups this year, a record amount that is more than the past six years combined.
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