Jakarta/Dhaka, March 4, 2024 – wagely, Asia’s leading financial wellbeing platform for workers, has secured USD 23 million in a new funding round. The funding round comprises a mix of equity and debt financing.
Capria Ventures, a Global South specialist venture capital firm investing in applied Generative AI, led the equity portion along with participation from existing investors. The round, accompanied by a significant contribution from a notable 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 wellbeing.
wagely’s financial wellbeing 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.”
In 2023, wagely disbursed over USD 25 million in salaries, processing close to one million transactions and serving 500,000 workers.
For further information, please visit wagely website at https://www.wagely.app/
For more information about our investment in wagely, read here.
