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The UAE-based embedded finance fintech Abhi has secured $15 million in debt financing, led by regional tech investor Shorooq Partners and Amplify Growth Partnership.
Abhi said the funding will allow the company to scale its operations and expand its earned wage access (EWA) solutions to serve the blue- and white-collar working populations in the UAE.
EWA is mostly offered to low-wage and hourly workers, allowing them access to some of their accrued wages before their payroll cycle.
Abhi said it has provided $55 million in EWA to workers in the UAE across 545,000 transactions.
(Writing by Bindu Rai, editing by Seban Scaria)
