ABHI partners with Alraedah Digital Solutions to Revolutionize Financial Services in KSA

• Innovative Collaboration: Leading KSA fintech teams up with MENAP-based startup ABHI to introduce groundbreaking “Earned Wage Access and Invoice Factoring” services to the Kingdom, aligning with Saudi Arabia’s Vision 2030 goal of fostering innovation, economic diversification, and financial inclusion.
• $200 Million Access to Funding: Alraedah commits to enabling access to significant funding over three years to launch products using ABHI’s proprietary technology, signaling a major commitment to financial inclusion and economic empowerment in KSA.
• Empowering Change: Partnership leverages ABHI’s expertise, enabling the launch of new products to bolster the Kingdom’s financial sector.

9^th May 2024 – Riyadh, KSA – Alraedah Digital Solutions, a leading technology company and the innovation arm of Alraedah Digital Group, is thrilled to announce a strategic partnership with ABHI, a MENAP-based Fintech specializing in Earned Wage Access and Invoice Factoring. The collaboration marks a significant milestone in Alraedah’s commitment to fostering innovation and driving regional financial inclusion.

Under the terms of the agreement, Alraedah will leverage ABHI’s robust capabilities to launch a set of innovative financial services in KSA. The partnership will outline several key provisions which include:

1. Local Expertise: ABHIwill gain access to Alraedah’s expansive knowledge and understanding of the local Saudi market, to collaboratively launch innovative financing products in KSA.
2. Financial Commitment: Alraedah will enable access to $200 million over the course of three years to develop products that apply ABHI’sproprietary technology, localized for the Saudi market.

“We are excited to join forces with ABHI to revolutionize the financial landscape in KSA,” said Paul Melotto, CEO at Alraedah Digital Solutions. “This partnership underscores our commitment to fostering innovation and driving economic empowerment through strategic collaborations. Together, we aim to redefine access to financial services and empower individuals and businesses across the region.”

ABHI, founded in 2021, is aimed at increasing financial inclusion across the region and has been serving Pakistan, UAE, and Bangladesh through its innovative credit-bridging products. These products include Earned Wage Access, Invoice Factoring, SME Working Capital & Revenue Based Financing, and Payroll Solutions, designed to empower businesses and their employees financially. With a client base of over 1,000 esteemed companies, it actively promotes financial empowerment and stability to over 750,000 employees across the region and has processed over $300m in loan value across different geographies. ABHI is proudly backed by leading investors, including Y Combinator, VEF, SpeedInvest, Venture Souq, Global Ventures, and Zayn Capital.

“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. With our innovative financial solutions and Alraedah’s deep local expertise, we are poised to empower Saudi citizens, embolden the private sector, and foster a more vibrant, thriving economy. This underscores our shared commitment to driving meaningful economic diversification, financial inclusion, and entrepreneurial growth, which are the key pillars of the 2030 Vision. Together, we are confident that we can make significant strides towards realizing the bold aspirations of Saudi Vision 2030 and creating a more prosperous future for all.” said Omair Ansari, CEO and Co-founder of ABHI.

ABHI’s entry into the KSA market represents a significant step towards advancing financial inclusion and expanding access to credit for underserved communities. The partnership between Alraedah Digital Solutions and ABHI exemplifies the power of collaboration in driving meaningful change and unlocking new opportunities for growth and prosperity.