KARACHI: Pakistani-origin ABHI-Middle East, which expanded its operations to the UAE and 萝莉视频 last year, has partnered with leading global financial services conglomerate, LuLu Financial Holdings, to enhance financial inclusion and remittance solutions, Abhi-Middle East said in a statement on Thursday.聽
Founded in 2021, ABHI-Middle East raised $17 million in a Series A funding round led by Speedinvest. Last year, it secured a whopping $15 million in debt financing through a credit facility by Shorooq partners and Amplify Growth Partnership companies to expand its operations in the United Arab Emirates. It also operates in 萝莉视频 and Bangladesh.
The fintech company provides employees an opportunity to withdraw their earned salary any day through its Earned Wage Access facility and other products. In 2023, it was selected as one of the Future 100 companies of the UAE.
鈥淎s part of the partnership, workers in the UAE will be able to access their earned wages instantly and remit funds to their families back home through LuLu Exchange 鈥 without having to wait for payday,鈥 the ABHI-Middle East statement said on the partnership with LuLuFin.
鈥淭hrough the initiative, workers in the UAE will benefit from Earned Wage Access and Send Now, Pay Later services, giving them greater financial flexibility and control over their income.鈥
By offering instant access to earned wages and enabling timely remittances, the partnership addresses a key financial need among expatriate workers, empowering them to support their families with greater ease and security, ABHI said.聽
The fintech firm will provide the operational framework for LuLuFin, enabling customers to access their earned wages before their scheduled payday and allowing employees to send money internationally instantly with the flexibility to defer payment.聽
The service will be rolled out across all major corridors, with the launch for Pakistani customers scheduled for May.
鈥淭his partnership with ABHI represents a bold step toward redefining financial connectivity for global diasporas. By leveraging cutting-edge technology, we aim to create a seamless bridge for expatriates to support their families, setting the stage for a future where financial inclusivity knows no borders,鈥 Thampi Sudarsanan, Chief Executive Officer, LuLu Exchange UAE, said.
Omair Ansari, the Co-Founder & CEO of ABHI-Middle East, said the partnership with LuLu Financial Holdings marked a 鈥渟ignificant step in enabling expatriates to access their hard-earned wages seamlessly and support their families back home without financial strain.鈥
鈥淏y integrating ABHI鈥檚 technology with Lulu鈥檚 extensive market expertise, we are dedicated to promoting financial inclusion and providing underserved communities with greater flexibility and convenience in managing their finances,鈥 Ansari added.聽
In January, Abhi-Middle East announced it had acquired FINCA microfinance bank to improve financial inclusion for millions of Pakistanis across the country.
FINCA Pakistan, part of a global FINCA network, operates in 108 cities across Pakistan, providing state-of-the-art deposit and payment solutions, including micro-credit facilities aimed at improving livelihoods.
In February, ABHI-Middle East launched the ABHI Microfinance Bank in collaboration with TPL Corp.