Wagely, Asia’s leading financial wellness platform, has just announced a significant boost to its operations with the successful securing of $23m in new funding.
This substantial influx of capital comes at a critical time, showcasing investor confidence in Wagely’s mission and performance amidst a challenging funding environment. The platform stands out by offering a unique service that enables workers to access their earned pay on a daily basis, a pioneering concept particularly in Indonesia and Bangladesh.
The funding round is a mix of equity and debt financing, with Capria Ventures spearheading the equity portion. Participation from existing investors, along with a noteworthy contribution from a prominent private debt fund, signifies strong belief in Wagely’s vision. This collective investment aims to bolster Wagely’s core Earned Wage Access (EWA) service in its key markets of Indonesia and Bangladesh.
Wagely’s platform is designed to empower workers to manage their finances more effectively by providing access to their earnings after each workday. This service, offered free to employers to then extend as an optional benefit to their employees, has placed Wagely at the forefront of financial wellness services in the region. Through its platform, users can not only track their salary but also avail themselves of financial literacy resources, promoting a path towards financial stability and freedom.
The company plans to utilise the newly raised funds to expand its core EWA service in Indonesia and Bangladesh. This expansion is expected to extend Wagely’s reach and impact, reinforcing its position as a leading financial wellness service. In 2023 alone, Wagely disbursed over US$25m in salaries, handling nearly one million transactions and serving 500,000 workers, demonstrating the significant demand and potential for growth in its services.
Dave Richards, Managing Partner at Capria Ventures, lauded the Wagely team’s execution and growth, “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.”
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