Indonesian FinTech startup Wagely has secured $5.6m in a strategic funding round led by Intergra Partners.
The round also saw participation from the Asian Development Bank Ventures, PT Triputra Investindo Arya, Trihill Capital, 1982 Ventures, Global Founders Capital and former president of insurance firm PT Asuransi Adira Dinamika – Willy Suwandi Dharma.
Founded in 2020, Wagely is a financial wellness platform that gives employees visibility into their daily earnings, instant access to earned wages, and the power to plan ahead – proven to decrease employee turnover, enhance retention, and increase business savings.
The company markets an earned wage access platform, which enables workers to withdraw their earnings on demand. Several companies around the world are also marketing similar technologies, including DailyPay, Wagestream, Minu and Gusto Cashout.
Wagely claims the recent capital raise will go towards increasing its sales team in order to close more enterprise deals.
According to TechCrunch, Wagely expects to reach more than 250,000 users this year.
Current customers of Wagely include British American Tobacco, beauty and wellness firm PT Mustika Ratu Tbk, Ranch Market and PT Kencana Energi Lestari Tbk.
Kencana president director Wilson Maknawi said, “Wagely offers our employees financial stability in times of uncertainty. It is incredibly important and a crucial step for the long-term resilience of our business. With no changes to our payroll process, Wagely’s solution has proven to increase our business savings and helped our employees to avoid predatory loans while providing savings and budget tools that increase their financial literacy.”
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