Wagely, an Indonesian fintech startup, has secured $23 million in its latest funding round, consisting of both equity and debt.
The equity portion of the funding is led by Capria Ventures, known for its investments in platforms like ShareChat, Masai School, and Cuemath in India.
Established in 2020, Wagely’s financial wellness platform empowers workers to manage their money better by allowing them to access their pay after each workday.
Provided at no cost to employers, Wagely offers this service as an optional benefit for employees.
In the same space of earned wage access, companies like Refyne operate in India.
Wagely’s clientele is currently spread across Indonesia and Bangladesh.
“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, Wagely reports disbursing over $25 million in salaries, handling nearly one million transactions, and serving 500,000 workers through its platform.
