wagely, Asia’s fastest-growing financial wellness platform has raised $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.
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 which brings the total funding raised to $14 million in less than two years.
wagely also disclosed that it secured the backing of Central Capital Ventura, the VC arm of Indonesia’s largest private bank, Bank Central Asia (“BCA”). The investment into wagely underpins the commitment to expand the digital financial ecosystem and drive financial wellness solutions across Indonesia.
With stagnant incomes, rising costs of living, and lack of savings, workers are under daily pressure staying afloat financially. The options for this segment are very limited when faced with an urgent need for cash. The result is a vicious cycle of repeated reliance on payday loans and other costly financial products leading to omnipresent financial stress among the workforce. Launched in 2020, wagely is building a holistic financial wellness platform with earned wage access (“EWA”) at its core that lets workers of partner employers access their earned wages in real-time. The concept, which has been proven in several markets across the globe, has been adopted by some of the most renowned organizations, including Walmart, Pizza Hut, and Visa, to reduce turnover, enhance productivity, and increase business savings.