Earned Wage Access Startup Kini Raises US$ 4.3 Million Seed Fundingby Fintech News Indonesia July 8, 2022
Kini, an Indonesian on-demand payroll provider, raised US$4.3 million in a seed funding round led by East Ventures, with participation from other investors.
The firm will allocate the fresh funds to continue building out its HR-fintech product suite as well as invest in expanding enterprise partnerships and HR tech providers.
Kini provides on-demand payroll services, also referred to as earned wage access, to give employees access to cash, bill-pay services, as well as features including micro insurance.
The platform also offers additional tools for companies to help manage their workforce, including instant disbursement of incentives or allowances, discount vouchers, communications, payroll services, and API integration with human resources information systems and employee time tracking systems.
Since its launch less than a year ago, Kini said that it has experienced an average of 70% monthly growth in transaction volumes.
Currently, the team of 10 members is serving more than 50 corporations.
“We are excited to partner with East Ventures and all our investors. Their support will accelerate our mission to make life better for the 99% of workers in Indonesia, especially for the workers who live from paycheck to paycheck.
With a huge blue-collar workforce across Indonesia and Southeast Asia, we believe Kini benefits both the employer and employees,”
said Jordan Fain, Chief Executive Officer of Kini.
“The need for financial inclusion for Indonesians is more important today than ever before.
We believe in Kini’s mission to revolutionise the way millions of workers manage their money to achieve better financial health, and we are confident that Kini’s team could be a great partner for many employers in Indonesia,”
said Melisa Irene, Partner of East Ventures.