Pakistani fintech Abhi has launched its earned wage access platform in Saudi Arabia, its second Middle Eastern market after the UAE, per MENABytes. The rollout follows a strategic partnership announced last year with Alraedah Digital Solutions that committed $200 million over three years to develop localized financial products for the Kingdom.
Abhi’s app lets employees access already earned wages in about 30 seconds, removing the monthly salary cycle. Workers can withdraw portions of accrued pay any day of the month, with funds sent to bank accounts or digital wallets.
Founded in 2021 by Omair Ansari and Ali Ladhubhai, the Y Combinator-backed startup says it has processed hundreds of millions of dollars in loan value and serves more than 750,000 employees through partnerships with over 1,000 companies across markets. In Saudi Arabia the product runs on a B2B2C model. Employers onboard through Abhi’s system, which integrates with the Wage Protection System and provides real-time transaction monitoring. According to its website, pricing is either slab-based starting at SAR 30 for transactions up to SAR 1,000 or a flat SAR 40, with no subscription fees and employees paying only when they use the service.
“Partnering with Alraedah Digital Solutions represents a transformative opportunity for Abhi to accelerate our mission of democratizing access to financial services and supporting the ambitious goals of Saudi Arabia’s Vision 2030,” said CEO and co-founder Omair Ansari when the partnership was first announced.
While Abhi offers SME financing and payroll solutions in other markets, the Saudi platform currently focuses on earned wage access. Cairo-headquartered NowPay, also a Y Combinator-backed fintech, entered Saudi earlier this year with its own earned wage access product in partnership with United International Holding, the company behind retailer eXtra and digital lender Tas’heel. FlexxPay and the government-backed Mudad + Khazna flexible salary programme also offer similar solutions in a Saudi context.
