This acquisition aims to expand access to financial solutions and accelerate financial inclusion across Pakistan.
FINCA Microfinance Bank is known for its lending and savings solutions, as well as financial education. FINCA Pakistan brought several products to the market, including a mobile network-agnostic digital wallet.
By integrating FINCA's microfinance network, ABHI's digital solutions, and TPL's expertise across retail, insurance, and technology, the three entities aim to offer accessible services that promote financial inclusion in Pakistan. They aim to help particularly women and small entrepreneurs, helping them improve their livelihoods and contribute to the nation's economic growth.
This acquisition enables ABHI to introduce a range of services, such as gold-backed loans, salary advances, savings accounts, and value-added offerings like bill payments. By leveraging FINCA's branchless banking infrastructure and introducing an AI-powered credit scoring system, ABHI aims to bring a more integrated digital banking experience to Pakistan.
This acquisition aligns with ABHI's ambition to allow the company to manage funds independently, reduce reliance on external banking partners, and strengthen its balance sheet.
Abhi focuses on Embedded Finance solutions such as Earned Wage Access (EWA), payroll processing, payroll financing, and SME financing, addressing broader economic challenges for individuals and businesses alike.
In 2022, Abhi raised USD 17 million in a Series A funding round led by international venture capital firm Speedinvest.
Recently, the company raised USD 25 million in its next round, pre-series B founding, with a mix of debt and equity. This funding is used to accelerate the expansion of its financial products internationally. Additionally, the shareholders have jointly given USD 9.36 million to FINCA as part of its acquisition.
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