wagely Pockets IDR 362 Billion for Equity and Debt Funding

Startups earned wage access (EWA) wagely announced the acquisition of fresh funding of $23 million (around IDR 362 billion), consisting of equity funding and debt. Implementation-focused VCs generative AI, Capria Ventures, became an investor lead for equity funding, followed by other investors from previous rounds.

Meanwhile, investors for funding debt only delivered comes from leading private companies.

The company will use these fresh funds to empower more internal workers managing finances better in Indonesia and Bangladesh with relevant solutions.

In an official statement, Capria Ventures Managing Partner Dave Richards said that he was impressed with the performance of the Wagely team as evidenced by impressive growth in providing financial solutions for underserved groups of blue collar workers.

“We see a huge opportunity for wagely to implement generative "AI in various use cases, such as document processing automation and local language conversational interfaces for workers to make better financial decisions," he explained, Monday (4/3).

wagely operates in Indonesia and Bangladesh. As many as 75% of the approximately 195 million workers in these two countries face challenging financial situations and depend on every salary they receive to make ends meet. Limited access to conventional financial services means that many workers lack the tools and support needed to improve financial well-being.

The solution offered by Wagely is an optional facility for employees. Not only that, the company also provides the ability to track salaries and access financial literacy resources, thereby helping workers reduce financial stress.

It is claimed that last year the total salaries distributed by Wagely reached more than $25 million (Rp. 393 billion), processing almost one million transactions, and being accessed by 500 thousand workers. This achievement establishes Wagely as a leader in the market because it shows strong growth prospects.

wagely last announced A pre-series funding in March 2022. The $8,3 million round was led by East Ventures Growth Fund, followed by Central Capital Ventura, Integra Partners, Asian Development Bank, Global Founders Capital, Trihill Capital, Blauwpark Partners, and 1982 Ventures.

Since its inception in 2020, it is claimed that Wagely has been used by more than 100 companies, including British American Tobacco, Ranch Market, Adaro Energy, Medco Energy, Mustika Ratu, and many more.

The startup announced its expansion to Bangladesh in October 2021. This fifth largest country in Asia provides considerable opportunities with more than 4,5 million Ready-Made Garment (RMG) industry workers. These workers have also been impacted by the pandemic, which has resulted in high financial pressure, thus having a major impact on producers.