Indonesia-based wagely, Asia’s leading financial wellness platform, has secured US$ 23 million in new funding amidst the current funding drought as the company surpasses more than one million salary disbursements since its inception.
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wagely’s financial wellness platform allows workers to better manage their money by letting them access their pay after each workday. It is offered free to employers who then provide it as an optional benefit to employees. Pioneering this concept in both Indonesia and Bangladesh, wagely also allows users to track their salary and access financial literacy resources, empowering workers to not only mitigate financial stress but to move closer to financial freedom.
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In 2023 alone, startup says it has disbursed over US$25M in salaries, processing close to one million transactions and being accessible by 500,000 workers, making it the leading financial wellness service in the region poised for continuous growth.
The latest funding round comprises a mix of equity and debt financing. Capria Ventures, a Global South specialist venture capital firm investing in applied Generative AI, is leading the equity portion along with existing investors’ participation. The round is further accompanied by a significant contribution from a notable private debt fund aimed at expanding wagely’s core EWA service in Indonesia and Bangladesh. This collective investment underscores strong confidence in Indonesia- based startup’s potential to enhance financial wellness in these key markets.
Dave Richards, Managing Partner, Capria Ventures, said, “The wagely team has demonstrated excellent execution with impressive growth in providing a sustainable and win-win financial solution for underserved blue-collar workers and employers. We see a huge opportunity for wagely to apply Generative AI across multiple use cases, such as automated document processing and local language conversational interfaces for workers to make better financial decisions.”
About wagely
Founded in 2020, wagely is a responsible financial wellness platform that gives employees visibility into their daily earnings, instant access to earned wages, and the power to plan ahead – proven to decrease employee turnover, enhance retention, and increase business savings. It’s mission is to help employees regain control over their income and finances. Get started with wagely today to reduce turnover, increase savings and build employee financial health.
