ISLAMABAD: Hub71-backed ABHI, an embedded finance platform founded in Pakistan, has established its global headquarters in Abu Dhabi with support from the Abu Dhabi Investment Office (ADIO) to grow its international operations, ADIO said in a statement this week.
ABHI joined Hub71, Abu Dhabi’s global tech ecosystem, in 2022 and is now working with Hub71’s strategic partner ADIO as the fintech company scales up its operations to capture growth opportunities in emerging markets.
“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,” Omair Ansari, CEO & Co-Founder of ABHI, said.
“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.”
Founded in 2021, ABHI was named among the World Economic Forum’s 2023 Technology Pioneers, making fintech history in the MENAP region. Recently, ABHI has been selected as one of the Future 100 companies in the UAE.
The firm 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 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,” Badr Al-Olama, Director General of ADIO, said:
The Abu Dhabi Investment Office enables local, regional and international investors to thrive and grow in the UAE capital through its close collaboration with government partners, sovereign investors, and national champions.
According to Startup Genome and the Global Entrepreneurship Network, Abu Dhabi is one of the fastest-growing technology ecosystems in the Middle East and North Africa (MENA) region and sixth fastest globally. It is fast becoming the region’s top tech startup destination with over 260 startups raising over AED 5.1 billion in funding and generating AED 3.5 billion in revenues since inception, the ADIO statement said.
“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,” ADIO said.