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:
- Local Expertise: ABHI will gain access to Alraedah’s expansive knowledge and understanding of the local Saudi market, to collaboratively launch innovative financing products in KSA.
- Financial Commitment: Alraedah will enable access to $200 million over the course of three years to develop products that apply ABHI’s proprietary 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. This collaboration not only amplifies our ability to serve the needs of individuals and businesses in KSA but also underscores our shared commitment to driving meaningful change and fostering economic empowerment in the region,” states 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.
Press Release Received on mail
