Jakarta, Indonesia and DHAKA, Bangladesh, March 16, 2022 /PRNewswire/ — salary, from Asia the fastest growing financial wellness platform has raised $8.3 million in oversubscribed pre-Series A funding as company expands platform to help workers access their on-demand earned wages in Indonesia and Bangladesh. The funding comes just seven months after securing its seed funding.
The oversubscribed funding round was led by East Ventures (Growth Fund) with participation from existing backers including Integra Partners, Asian Development Bank, Global Founders Capital, Trihill Capital, Blauwpark Partners and 1982 Ventures, bringing total funding raised to $14 million in less than two years.
Wagely also revealed that he had secured backing from Central Capital Ventura, the VC arm of indonesia largest private bank, Bank Central Asia (“BCA”). Investment in Wagely Supports Commitment to Expand Digital Financial Ecosystem and Deliver Financial Wellness Solutions Across Indonesia.
With stagnant incomes, the rising cost of living and lack of savings, workers are under daily pressure to stay financially afloat. The options for this segment are very limited in the face of an urgent need for cash. The result is a vicious cycle of repeated reliance on payday loans and other expensive financial products, leading to pervasive financial stress among the workforce. Launched in 2020, Wagely is building a holistic financial wellness platform with Earned Wage Access (“EWA”) at its core that allows workers at partner employers to access their earned wages in real time. The concept, which has been proven in several markets around the world, has been adopted by some of the most renowned organizations, including Walmart, Pizza Hut and Visa, to reduce turnover, improve productivity and increase savings. companies.
Founded by former executives from Grab and Tokopedia, Wagely has seen strong growth in its markets, with its user base growing 10 times a year in 2021, while partnering with some of them. indonesia largest employers, including British American Tobacco, Ranch Market, Adaro Energy and Medco Energi. The pandemic has exacerbated the financial hardship faced by low- and middle-income workers, increasing the need for employers to reduce financial stress on their workers.
Commenting on the investment, Roderick Purwana, Managing Partner of East Ventures, said: “With Wagely’s rapid growth over the past few quarters, we believe they will be the go-to partner for large companies aiming to challenge the status quo of the financial well-being of workers in Indonesia and beyond. We are thrilled to support Tobias, Didi, Kevin and the payroll team as they change the lives of millions of workers across Asiawhere more than 75% of the population lives on a wage to wage basis.”
Pre-Series A funding comes only months after the company expands to Bangladesh, home to the 7th largest working population in the world. “We are proud to operate successfully in two of the largest markets in Asia, employing more than 150 million workers. Instant access to wages plays a central role in reducing costs for employers and increasing worker productivity and well-being. We are honored to offer Wagely’s financial wellness platform to leading apparel manufacturers from Bangladeshincluding SQ Group, Classic Composite and Vision Garments“, noted Tobias FisherCEO and co-founder of Wagely.
The new capital will allow the company to accelerate its leading position in the market Indonesia and Bangladesh and spur development of its holistic financial wellness platform, which the company plans to begin rolling out later this year.