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Indonesia’s wagely raises $23m in equity and debt financing round

By Gloria Mathias

March 12, 2024

  • Asia Fintech
  • Bangladesh
  • Debt Financing
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wagely, Fintech News, Financial Solutions, Fintech APAC, Fintech Funding, Funding Asia, Equity, Debt Financing, Asia Fintech, Indonesia, Bangladesh, wagely, Asia’s financial well-being platform for workers has secured $23 million in a new funding round. The funding round comprises a mix of equity and debt financing.

These funds will facilitate the expansion of our EWA offerings and enable us to serve more workers, as more employers recognise the value of providing wagely to their employees.

Capria Ventures, a Global South specialist venture capital firm investing in applied Gen AI, led the equity portion, along with participation from existing investors. The round, accompanied by a contribution from a private debt fund, is aimed at expanding wagely’s core earned wage access (EWA) service in Indonesia and Bangladesh.

Almost 75% of the nearly 195 million workers in Indonesia and Bangladesh navigate financially challenging situations, relying on each paycheck to make ends meet. Lack of access to conventional financial services leaves many of these workers without the necessary financial tools and support to improve their financial well-being.

wagely’s financial well-being platform allows workers to better manage their money by enabling them to access their pay (earned wage) after each workday. It is offered free to employers, who then provide it as an optional benefit to their employees. Pioneering this concept in both Indonesia and Bangladesh, wagely also allows workers to track their salary, empowering them to not only mitigate financial stress but also move towards financial freedom.

Dave Richards, Managing Partner, Capria Ventures, said, “The wagely team has demonstrated excellent execution with impressive growth in providing a sustainable and win-win financial solution for underserved blue-collar workers and employers. We see a huge opportunity for wagely to apply Generative AI across multiple use cases, such as automated document processing and local language conversational interfaces for workers to make better financial decisions.”

“This $23 million in funding, led by Capria Ventures, is an incredible show of confidence in wagely’s trajectory and potential for future growth. We’ll expand our reach and further drive our vision to protect millions of workers in Indonesia and Bangladesh from predatory fees and lending products and pave the way for greater financial inclusion,” shared Kevin Hausburg, Founder & CEO at wagely.

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