Earned Wage Access Firm wagely Raises US$8.3 Million in Pre-series A Fundingby Fintech News Indonesia March 16, 2022
wagely, an Indonesian financial wellness platform, announced that it has raised US$8.3 million in an oversubscribed pre-series A funding as the company scales its platform to help workers access their earned salaries on demand in Indonesia and Bangladesh.
The funding comes in just seven months after securing its seed funding and brings its total funds raised to US$14 million in less than two years.
The oversubscribed round was led by East Ventures (Growth Fund) with participation from existing backers, including Integra Partners, the Asian Development Bank, Global Founders Capital, Trihill Capital, Blauwpark Partners, and 1982 Ventures.
wagely also disclosed that it secured the backing of Central Capital Ventura, the VC arm of Bank Central Asia.
The new capital will enable the company to accelerate its growth in Indonesia and Bangladesh and spur the development of its financial wellness platform, which the company plans to start rolling out later this year.
Launched in 2020, wagely is building a financial wellness platform with earned wage access (EWA) at its core that lets workers of partner employers access their earned wages in real-time.
Founded by former Grab and Tokopedia executives, wagely witnessed strong growth across its markets as its users base grew 10x YoY in 2021.
The pre-series A funding comes in only a few months after the company expanded to Bangladesh.
“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.
We are honored to offer wagely’s financial wellness platform to leading apparel manufacturers in Bangladesh, including SQ Group, Classic Composite, and Vision Garments,”
said Tobias Fischer, CEO and Co-founder at wagely.