Karachi, January 24, 2024: Hub71-backed ABHI, an embedded finance platform founded in Pakistan, is advancing to its next growth stage by establishing its global HQ in Abu Dhabi with support from the Abu Dhabi Investment Office (ADIO) to grow its international operations.
ABHI joined Hub71, Abu Dhabi’s global tech ecosystem, in 2022 where the company flourished by tapping into an extensive network of corporations, investment partners and government entities, unlocking the advantages of Abu Dhabi’s marketplace. The UAE’s capital supports the growth of companies at all stages through partnerships and collaboration as part of a broad ecosystem of national champions and investors working together to expand support for high-growth companies from inception to IPO. ABHI is now working with Hub71’s strategic partner ADIO as the FinTech scales up its operations to capture growth opportunities in emerging markets.
ADIO is providing a comprehensive range of growth-enabling support, including setup enablement, incentives and connections to the Abu Dhabi ecosystem and international trade opportunities, aimed at facilitating investment and innovation in the high-growth FinTech sector.
Badr Al-Olama, Director General of ADIO, said: “ABHI is a great example of how fast companies can start, scale and succeed in Abu Dhabi. By being part of the Hub71 tech ecosystem for a year, the company is now collaborating with ADIO to rapidly accelerate its growth and expansion beyond Abu Dhabi.”
Founded in 2021, ABHI is considered one of the world’s most promising innovative companies and was named one of the World Economic Forum’s 2023 Technology Pioneers. It provides Earned Wage Access (EWA) to employees, which allows them to withdraw their earned salary any day, and offers employers payroll solutions and SME financing. It is currently servicing more than 500 companies across the globe. ABHI has also been selected as one of the Future 100 companies in the UAE, an initiative by the Ministry of Economy and the Government Development and the Future Office.
ABHI’s global HQ reflects Abu Dhabi’s attractiveness as one of the fastest-growing technology cosystems in the Middle East and North Africa (MENA) region and sixth fastest globally, according to Startup Genome and the Global Entrepreneurship Network. This feat further strengthens Abu Dhabi’s position as the region’s top tech startup destination with over 260 startups raising over AED 5.1bn in funding and generating AED 3.5bn in revenues since inception. As a pioneer in the SME lending solutions space, ABHI has the potential to support growth across the wider UAE economy. The company is currently in discussions with multiple UAE banks about rolling out its solutions.
Omair Ansari, CEO & Co-Founder of ABHI, said: “We are thrilled to establish our global headquarters in Abu Dhabi, a decision that marks a significant milestone in ABHI’s journey. This move is not just about expanding our geographical footprint; it’s a strategic alignment with Abu Dhabi’s vibrant tech ecosystem and the forward-thinking vision of ADIO. Our presence in Abu Dhabi will enable us to leverage the dynamic business environment and robust support system to accelerate our growth and innovation. This partnership with ADIO is a testament to our commitment to delivering cutting-edge financial solutions and reaffirms our position as a leader in the embedded finance sector. We look forward to contributing to and benefiting from the thriving tech landscape of the UAE and beyond, furthering our mission to empower employers and employees with efficient financial solutions.”
ADIO is committed to supporting Abu Dhabi in achieving its Falcon Economy vision by enabling investment opportunities across key sectors such as technology and financial services. Last year, ADIO collaborated with NEOPLY, a leading South Korean blockchain technology company, supporting the growth of tech-focused industries in the UAE capital. NEOPLY provides a decentralised finance (De-Fi) platform and various services based on blockchain technology.
