An innovative collaboration has been announced between the Saudi-based tech entity, Alraedah Digital Solutions, and ABHI, a prominent fintech company within the MENAP region that focuses on Earned Wage Access and Invoice Factoring. This strategic partnership is set to revolutionize financial services within Saudi Arabia.
Alraedah Digital Solutions has committed to facilitating access to a $200 million fund over a three-year period to create and enhance products integrating ABHI’s advanced technology, tailored to the Saudi market.
The collaboration will incorporate ABHI’s extensive financial service capabilities, enabling Alraedah to introduce groundbreaking financial services within the Kingdom. Paul Melotto, CEO of Alraedah Digital Solutions, expressed his enthusiasm about the joint venture, stating that the goal is to transform the landscape of financial service accessibility and empower both individuals and enterprises throughout the region.
Omair Ansari, CEO and Co-founder of ABHI, highlighted that the alliance is a testament to both companies’ dedication to advancing economic diversity, financial inclusivity, and entrepreneurial development, aligning with the core objectives of Saudi Arabia’s Vision 2030.
Since its inception in 2021, ABHI has been promoting financial inclusivity across various regions, including Pakistan, the UAE, and Bangladesh, through its suite of innovative credit solutions. These offerings encompass Earned Wage Access, Invoice Factoring, SME Working Capital and Revenue Based Financing, as well as Payroll Solutions, all designed to provide financial empowerment to businesses and their staff.