The wagely co-founders
wagely, an earned wage access company in Indonesia, has raised US$8.3 million in an oversubscribed pre-series A funding round, led by East Ventures (Growth Fund).
Existing backers, including Integra Partners, Asian Development Bank, Global Founders Capital, Trihill Capital, Blauwpark Partners, and 1982 Ventures, participated.
The EWA startup also disclosed that it secured the backing of Central Capital Ventura, the VC arm of Indonesia’s Bank Central Asia.
With this, wagely’s total funding raised to date has touched US$14 million.
The new capital will enable the company to further scale its business in Indonesia and Bangladesh. In addition, wagely looks to develop its holistic financial wellness platform, to be rolled out later this year.
The latest deal follows a US$5.6 million strategic financing round led by Integra Partners in June 2021 and comes in a few months after it expanded to Bangladesh.
Founded by former Grab and Tokopedia executives and launched in 2020, wagely lets employees of its partner organisations access their earned wages in real-time. Its partners include Indonesia’s largest employers, including British American Tobacco, Ranch Market, Adaro Energy, and Medco Energi. This helps them reduce turnover, enhance productivity, and increase business savings.
Roderick Purwana, Managing Partner of East Ventures, said: “With wagely’s rapid growth in recent quarters, we believe they will be the preferred partner for large enterprises that aim to challenge the status quo of worker financial wellness in Indonesia and beyond. They are changing the lives of millions of workers across Asia, where over 75 per cent of the population lives paycheck to paycheque.”
In Bangladesh, which is home to the 7th largest labour force globally, wagely has partnered with leading companies, including SQ Group, Classic Composite, and Vision Garments. “We are proud to be successfully operating in two of the largest markets in Asia, employing more than 150 million workers. Instant access to salary plays a pivotal role in reducing costs for employers and increasing the productivity and wellbeing of workers,” said CEO and Co-Founder Tobias Fischer.
—
Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.
The post Earned wage access startup wagely nets US$8.3M pre-Series A to grow in Bangladesh appeared first on e27.