Abhi, the YC S21-backed neobank and financial wellness platform, has announced a landmark partnership with Al Fardan Exchange to expand its services in the UAE. The fintech company, which is backed by Hub71 and the Abu Dhabi Investment Office (ADIO), will power a new “Salary Advance” service, marking a significant step in its mission to advance financial inclusion for the region’s underbanked.
Abhi’s Technology to Power Salary Advance Service
The collaboration leverages Abhi’s core Earned Wage Access (EWA) technology to provide Al Fardan Exchange’s Wages Protection System (WPS) customers with instant access to their earned income. This initiative enables customers to access up to 50% of their wages before payday, empowering them with financial flexibility to meet urgent needs, such as sending money home.
Abhi’s technology is seamlessly integrated into Al Fardan’s AlfaPay app and is also accessible across its network of over 90 branches, ensuring a user-friendly experience for both digital and in-person transactions.
A Strategic Move to Redefine Regional Remittances
Omair Ansari, Co-Founder & CEO of Abhi Middle East Limited, described the partnership as a pivotal moment for financial autonomy. “This partnership with Al Fardan Exchange is not just a partnership but a transformation in how workers experience financial autonomy,” he stated. “By becoming the first exchange in the UAE to go live with ABHI’s Earned Wage Access, together we are redefining the way income and remittances work for millions of expatriates.”
Hasan Fardan Al Fardan, CEO at Al Fardan Exchange, echoed the sentiment, noting the service turns “innovation into real impact” and that the exchange is proud to partner with Abhi to bring the service to life.
Abhi’s Rapid Growth and Regional Impact
Founded in 2021, Abhi has been on a rapid growth trajectory, processing over five million transactions with a total value exceeding $500 million across its markets. The company has onboarded more than 5,000 companies and served over one million users across the MENAP region.
Abhi’s innovative model has gained significant recognition, including being named a Technology Pioneer 2023 by the World Economic Forum, selection as one of the Future 100 companies in the UAE, and recent selection for Mastercard’s Start Path Small Business program.
About Abhi Middle East Limited
Abhi is a financial wellness platform that provides a comprehensive suite of solutions, including Earned Wage Access and SME Financing. The fintech company has established partnerships with over 5,000 companies, driving economic growth and creating lasting social impact. Abhi has gained recognition from Hub71, Endeavor, and the World Economic Forum.
About Al Fardan Exchange
Founded in 1971, Al Fardan Exchange is one of the UAE’s most trusted financial services providers and a member of the Al Fardan Group. With an omnichannel presence that includes the AlfaPay app and a nationwide network of over 90 branches, the company delivers secure financial solutions to a diverse customer base, supported by partnerships with more than 150 global banks.
Source: Abhi
