Saudi Arabia-based tech venture Alraedah Digital Solutions has revealed a strategic collaboration with MENAP fintech ABHI, specialising in Earned Wage Access and Invoice Factoring, to drive advancements in financial services within the Kingdom.
As per the agreement, Alraedah will facilitate access to $200M over three years to develop products utilising ABHI’s proprietary technology, tailored for the Saudi market.
Additionally, Alraedah will exploit ABHI’s strong capabilities to introduce a range of innovative financial services in Saudi Arabia.
Paul Melotto, CEO at Alraedah Digital Solutions, expressed, “Together, we aspire to redefine access to financial services and empower individuals and businesses throughout the region.”
Omair Ansari, CEO and Co-founder of ABHI, emphasised that the partnership underscores their joint commitment to fostering significant economic diversification, financial inclusion, and entrepreneurial development, in line with Vision 2030.
Established in 2021, ABHI focuses on enhancing financial inclusion across the region, catering to Pakistan, UAE, and Bangladesh with its innovative credit-bridging products.
Their product portfolio, encompassing Earned Wage Access, Invoice Factoring, SME Working Capital and Revenue Based Financing, and Payroll Solutions, is geared towards empowering businesses and their employees financially.
