JAKARTA, Indonesia and DHAKA, Bangladesh, March 4, 2024 /PRNewswire/ — wagely, Asia’s leading financial wellness platform, has secured US$ 23 million in new funding amidst current funding drought as the company surpasses more than one million salary disbursements since inception.
wagely’s financial wellness platform allows workers to better manage their money by letting them access their pay after each workday. It is offered free to employers who then provide it as an optional benefit to employees. Pioneering this concept in both Indonesia and Bangladesh, wagely also allows users to track their salary and access financial literacy resources, empowering workers to not only mitigate financial stress but to move closer to financial freedom.
In 2023 alone, wagely says it has disbursed over US$25M in salaries, processing close to one million transactions and being accessible by 500,000 workers, making it the leading financial wellness service in the region poised for continuous growth.
The latest funding round comprises a mix of equity and debt financing. Capria Ventures, a Global South specialist venture capital firm investing in applied Generative AI, is leading the equity portion along with existing investors’ participation. The round is further accompanied by a significant contribution from a notable private debt fund aimed at expanding wagely’s core EWA service in Indonesia and Bangladesh. This collective investment underscores strong confidence in wagely’s potential to enhance financial wellness in these key markets.
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."
As many as 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 a significant number of workers without the necessary financial tools and support to help improve their financial wellbeing.
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About wagely
wagely is Asia’s largest and fastest-growing financial wellness platform offering workers visibility into their daily earnings, instant access to earned wages, and the power to plan ahead – proven to decrease employee turnover, enhance retention, and increase business savings. Our mission is to help employees regain control over their income and finances. In 2022, wagely won the annual Inclusive Fintech 50 for its work towards supporting the financial inclusion of low-to-middle-income workers in Indonesia and Bangladesh, along with grants from esteemed global organizations, such as UNCDF and USAID, allowing it to make a positive impact on more vulnerable blue-collar workers. Visit https://blog.wagely.app/ for more information.
About Capria Ventures
Capria Ventures is a Global South specialist venture capital firm investing in applied Generative AI, connecting founders into a uniquely collaborative network. Capria activates strong relationships between hundreds of founders and leading local VC firms in the tech hubs of the Global South – from São Paulo to Lagos to Bangalore to Jakarta. Capria brings state-of-the-art venture capital innovation combined with global best practices of sustainable ESG management to select and manage its portfolio of startups serving the fastest-growing economies of the world. Capria manages assets exceeding USD 188M. Capria has offices in Seattle, Bangalore, Buenos Aires, Nairobi, and Washington DC. Visit our website here http://capria.vc
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