Alraedah Digital Solutions, a subsidiary of the tech-focused Alraedah Digital Group, has entered into a pivotal alliance with ABHI, a fintech entity with a focus on earned wage access and invoice factoring within the MENAP region. This union signifies Alraedah’s dedication to promoting financial innovation and inclusive growth within the region.
Through this partnership, ABHI will benefit from Alraedah’s extensive expertise in the Saudi Arabian market. The goal is to jointly introduce cutting-edge financial products within the Kingdom of Saudi Arabia (KSA).
Alraedah is set to facilitate the allocation of $200 million over the next three years in order to create financial products that incorporate ABHI’s state-of-the-art technology, tailored for the unique needs of the Saudi market.
Paul Melotto, the Chief Executive Officer at Alraedah Digital Solutions, remarked, We are thrilled to collaborate with ABHI to transform the financial sector in KSA. This collaboration is a testament to our commitment to innovation and economic empowerment through strategic alliances. Together, we plan to reshape financial service accessibility and support both individuals and companies throughout the region.
Established in 2021, ABHI has been committed to expanding financial accessibility in territories such as Pakistan, the United Arab Emirates, and Bangladesh. Its services encompass earned wage access, invoice factoring, solutions for small and medium-sized enterprise working capital, revenue-based financing, and payroll services. With the objective of financially empowering employers and employees alike, ABHI currently serves over 1,000 corporate clients and has positively impacted over 750,000 workers across the region, facilitating more than $300 million in loans. The fintech company is supported by prominent investors, including Y Combinator, VEF, SpeedInvest, Venture Souq, Global Ventures, and Zayn Capital.
Omair Ansari, CEO and co-founder of ABHI, underlined the significance of this partnership, stating, Aligning with Alraedah Digital Solutions is a game-changing move for ABHI to expedite our vision of making financial services more accessible and to support the ambitious objectives of Saudi Arabia’s Vision 2030.
He continued, With our innovative financial solutions coupled with Alraedah’s in-depth local market insight, we are well-positioned to empower Saudi citizens, bolster the private sector, and stimulate a more prosperous economy. This collaboration is a clear indication of our mutual dedication to fostering substantial economic diversification, financial inclusion, and entrepreneurial development, which are fundamental to Vision 2030. Together, we are optimistic about making substantial progress towards the lofty goals of Saudi Vision 2030 and crafting a wealthier future for all.