VEF Ltd. (formerly Vostok Emerging Finance) led a $2 million seed funding round in Pakistan-based salary advance app AbhiFinance.
Village Global, Sarmayacar, I2i Ventures and Zayn Capital also participated in the round.
Founded early this year, Abhi–which means now or instant in English–will let employees withdraw their salaries in advance with a transaction fee. Abhi is currently testing the model with 20 local businesses, and will finance the service independently without charging fees from employers.
Listed in Sweden, VEF Ltd. is a fintech-focused investment company and a part of VNV Global (formerly Vostok New Ventures).
VNV Global had invested in Naseeb Networks, which owns recruitment marketplaces Rozee.pk in Pakistan and Mihnati.com in Saudi Arab. Its investment portfolio in Pakistan also includes real estate marketplace Zameen.com. VNV has invested in a number of marketplaces around the world.