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Alraedah Digital Solutions & FinTech ABHI to boost financial services in KSA

By Delisha Fernandes

May 07, 2024

  • Abhi
  • Financial Inclusion
  • fintech MENA
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ABHI

Alraedah Digital Solutions has partnered with ABHI, a MENAP-based FinTech company, to enhance financial services in KSA.

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.

“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,” stated Omair Ansari, CEO and Co-founder of ABHI.

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