Fintech startup GajiGesa Get Additional Investment and Release "GajiTim" Employee Management Application

Startups fintech GajiGesa announced additional strategic investment with an undisclosed amount provided by OCBC NISP Ventura and a number of angel investors strategic, one of which is founder Memories Coffee. This round was obtained four months after GajiGesa announced a seed funding of $2,5 million.

In a joint interview DailySocial, Co-Founders GajiGesa Vidit Agrawal said, the entry OCBC NISP Ventures open up opportunities for GajiGesa to integrate its products with financial products. “Including, offering bank account opening for those still in the group unbanked, loan products, and other financial solutions that can help improve the welfare of blue-collar workers,” he said.

The reason is, as many as two thirds of the population in Indonesia are groups unbanked which means they don't have a bank account. Bank OCBC NISP has the opportunity to capture them through GajiGesa.

Separately in Agrawal interview together Techcrunch, he says founder Memories Coffee that has beenback up by a network of investors such as Sequoia Capital India, Alpha JWC, and Horizons Ventures, making them the prolific angel investors for other startups. He believes the network will help GajiGesa accelerate impact for employers across Indonesia.

GajiGesa provide services for employers and employees in smoothing cash flow with financial products, including access to flexible salaries or so-called Flexible Earned Wage Access (FEWA), financial education, bill payment, analysis real-time, and others. This concept is different from service cash loans as the company runs lending mostly in Indonesia.

For employees, GajiGesa provide early salary access for current month employees on a regular basis real-time, which can be used to pay bills, buy credit and data packages, and access financial education.

As for employers, analysis platforms GajiGesa provide the HR team to effectively measure the effectiveness of financial health strategies, gain visibility real-time to engagement, maintain retention and productivity, and the financial health of employees.

Employers have the flexibility and control to offer FEWA to all employees, can decide whether they want to take this service for employees at an additional cost or as part of a benefit package.

Agrawal said GajiGesa has been used by more than 30 companies with a total of tens of thousands of employees in Indonesia.

Regarding the trend of early disbursement of salaries during Ramadan and Eid, although he did not elaborate further, he said these two momentums became busy times because many employees were disbursing their salaries early, considering the increasing needs of their families. This condition is reflected in GajiGesa, payroll disbursement activity nearly doubled during the period.

HRIS SalaryTim App

Agrawal said that at the end of March, the company launched an employee management application SalaryTeam for the MSME segment. This product comes thanks to requests and input from users GajiGesa who want a more efficient, transparent payroll calculation and employee tracking solution.

“Building a product that can be used by businesses of all sizes is at the heart of our commitment. Martyna and I always wanted a meaningful solution that everyone could use. Our team quickly innovated to launch GajiTim.”

GajiTim helps MSMEs to manage employees digitally such as daily/monthly salaries, attendance/leave, calculating salaries, payments, and others. Also equipped with features and insight business created so that the company has better employee retention.

This innovation is expected to create an integrated and meaningful employee benefits solution for all sizes of businesses and their employees. Agrawal claims that since its inception this application has been able to attract more than 50.000 active users organically.

SalaryTeam competes with similar player in the same realm. They have Catapa, Talenta, Jojonomics, KaryaOne, Gadjian, Gaji.id, Benemica, Synergo, and others.