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Abhi Microfinance Bank is preparing to list on the Pakistan Stock Exchange this month, offering around 14% in new shares to raise between Rs2 billion and Rs3 billion, roughly $7 million to $11 million, according to Bloomberg.
Abhi Pvt owns about 75% of the bank, with TPL Corp holding the remainder. Omair Ansari, co-founder and chief executive of the fintech group, is sponsor and director of the lender. The group's own earned wage access, payroll and SME financing business is not part of the transaction.
The bank was FINCA Microfinance Bank until Abhi acquired it around 18 months ago, since when it has digitised operations and closed loss-making branches.
It posted a profit after tax of Rs1.019 billion ($3.7 million) in 2025, its highest on record, against a loss after tax of Rs1.754 billion ($6.3 million) the year before, a swing of Rs2.773 billion ($10 million) in twelve months.
Ansari told Bloomberg the lender had been losing up to $5 million a year before the acquisition, made more than $3.5 million in its first year under Abhi, and is on track for around $10 million this year.
Proceeds will strengthen the bank's capital base, with its buffer expected to exceed the State Bank of Pakistan's minimum requirement by next year. Arif Habib Limited, Topline Securities and Growth Securities are advising, and the company has held a roadshow in London targeting investors in Pakistan and other frontier and emerging markets.
Ansari said he wants the bank to follow Brazil's Nubank and Kazakhstan's Kaspi.kz, with plans to move into gold-backed lending, explore a licence to tokenise gold, and evaluate a crypto payments corridor.
Abhi was founded in 2021 by Ansari and Ali Ladhubhai as an earned wage access platform, letting salaried employees draw accrued pay before payday, and has since added payroll, invoice factoring and SME lending. Backed by Hub71 and the Abu Dhabi Investment Office, it was named a World Economic Forum Technology Pioneer in 2023. It launched earned wage access in Saudi Arabia last year following a $200 million partnership with Alraedah Digital Solutions, and has since signed tie-ups with Al Fardan Exchange and GCC Exchange in the UAE and Dubai's JustGold on fractional gold investment.
The group has raised more than $50 million in debt and equity since 2021. A $2 million seed that June was led by Vostok Emerging Finance, with Village Global, Sarmayacar, i2i Ventures, Zayn Capital and Wagestream co-founder Portman Wills participating, and came as Abhi was accepted into Y Combinator's Summer 2021 batch, the second Pakistani fintech to join the accelerator.
Speedinvest subsequently led a $17 million Series A in April 2022 at a $90 million valuation, its first investment in Pakistan, joined by Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap and FJ Labs alongside existing backers Fatima Gobi Ventures and Sarmayacar.
No equity round has been announced since, with growth funded through debt, including the sukuk that made it the first MENAP fintech to tap Islamic capital markets and the $200 million Alraedah facility behind the Saudi launch.
The listing comes in Pakistan's busiest year for IPOs, with ten offerings raising a record Rs19.8 billion ($71 million) so far amid a market rally and rising retail participation.
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