The wagely founding team
wagely, an Indonesian earned wage access platform with a presence in Bangladesh, has secured US$23 million in new funding.
The latest round, led by Capria Ventures, comprises a mix of equity and debt financing.
Existing investors also participated. An unnamed private debt fund also made a significant contribution.
Also Read: ‘As workplaces rapidly change post-pandemic, the way people getting paid changes too’: wagely CEO
wagely will use the fresh capital to expand further its earned wage access service in Indonesia and Bangladesh.
A financial wellness platform, wagely offers workers visibility into their daily earnings and instant access to earned wages. This 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.
The startup also allows users to track their salary and access financial literacy resources.
In 2023 alone, wagely claims to have disbursed over US$25 million in salaries, processing close to one million transactions and being accessible by 500,000 workers.
In March 2022, the company raised US$8.3 million in pre-series A round, led by East Ventures, with contributions from existing backers Integra Partners, the ADB, Global Founders Capital, Trihill Capital, Blauwpark Partners, and 1982 Ventures.
Also Read: wagely nets US$8.3M pre-Series A to grow in Bangladesh
As much as 75 per cent of the nearly 195 million workers in Indonesia and Bangladesh navigate financially challenging situations, relying on each paycheque to make ends meet. Lack of access to conventional financial services leaves a significant number of workers without the necessary financial tools and support to help improve their financial well-being.
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