Pakistani Startup ABHI Awarded Technology Pioneer 2023 by WEF
The World Economic Forum’s (WEF) Technology Pioneers Program is a global community that recognizes early-stage companies from around the world addressing issues such as sustainability, climate change and healthcare. A Pakistani startup ABHI awarded Technology Pioneer 2023 by WEF. It is Pakistan’s financial platform in the Middle East, Africa and Pakistan Business Region (MENAP) to receive recognition.
This year’s Technology Pioneer cohort includes startups from 31 economies. Pakistan and Malaysia were represented for the first time this year. The US has the highest representation with 29 Technology Pioneers. China is second with 12 companies.
Pakistani Startup ABHI Awarded Technology Pioneer 2023 by WEF
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The Karachi-based startup enables salaried employees to access funds before their payday. The platform enables employees of its partners to withdraw wage advances at any time based on their accrued wages. The fintech finances these advances and thus has no effect on the partner employer’s balance sheets and the repayments are deducted from the employee’s salary.
“We are incredibly honored to be recognized as a technology pioneer by the World Economic Forum,” said Ansari, CEO of Abhi’s Group. “This recognition validates our mission to transform the financial landscape by leveraging technology to drive meaningful change,” he said.
Last month, Abhi raised the first-ever Sukuk bond worth Rs2 billion ($7.1 million) for a fintech in the MENAP region. Last year, Abhi said it raised $17 million in a Series A fundraising round led by international venture capital firm Speedinvest and backed by Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap and FJ Labs.
In June 2021, the company raised $2 million as seed investment, led by Vostok Emerging Finance. Later, in November, it said it had raised money again, this time at a valuation of $40 million, just months after launching its company.
Also see: Pakistani startups showcase their products at London Tech Week 2023
