Indonesian startup Wagely raises $23 million in equity-debt mix
fintech startup Wagely has raised $23 million, in a mix of equity and debt, as a part of its latest funding round.
The equity portion of the round is led by Capria Ventures, which has invested in the likes of social networking platform, ShareChat, edtech Masai School and Cuemath in India.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitMITMIT Technology Leadership and InnovationVisitLaunched in 2020, Wagely’s financial wellness platform allows workers to better manage their money by letting them access their pay after each workday.
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It is offered free to employers who then provide it as an optional benefit to employees.
In India, the likes of Refyne work in a similar space of earned wage access.
Wagely currently has clients in Indonesia and Bangladesh.
Prior to this, the company had raised $8.3 million in March 2022, led by East Ventures (Growth Fund).
“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,” said Dave Richards, managing partner, Capria Ventures.
In 2023 alone, Wagely claims to have
