Pakistani Startup ABHI Awarded Technology Pioneer 2023 by WEF

World Economic Forum’s (WEF) Technology Pioneers programme is a global community which recognises early-stage companies from around the world that are tackling 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 business from the Middle East, Africa and Pakistan (MENAP) region to receive recognition.

This year’s Technology Pioneer cohort includes startups from 31 economies. Pakistan and Malaysia represented for the first time this year. The US has the highest representation with 29 Technology Pioneers. China is in second place with 12 companies.

Pakistani Startup ABHI Awarded Technology Pioneer 2023 by WEF

Check Also: NADRA Launches Nishan Pakistan Platform To Empower Startups

The Karachi-based startup allows salaried employees to access funds before their payday. The platform enables employees of its partners to withdraw salary advances based on their accrued wages at any time. The fintech funds these advances, and hence, it has no effect on the partner employer’s balance sheets and repayments are deducted from the employee’s salary.

“We are incredibly honoured to be recognised as a Technology Pioneer by the World Economic Forum,” said Ansari, Abhi’s Group CEO. “This acknowledgement validates our mission to transform the financial landscape by leveraging technology to create 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 secured $17 million in a Series A fund-raising round led by international venture capital (VC) firm Speedinvest and supported by Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap and FJ Labs.

In June 2021, the company raised $2 million as a seed investment, led by Vostok Emerging Finance. Later, in November, it said it had raised funds again, this time at a $40-million valuation, just months after introducing its business.

See Also: Pakistani startups showcase their products at London Tech Week 2023