Wagely raised $8.3 million in pre-Series A funding seven months after announcing its seed round. Wagely will use the new funds to fuel its expansion in Bangladesh, as well as build other features to become aholistic financial platform.
Wagely, an Indonesian earned wage access and financial services platform, raises $5.6M
Workers can access their wages on demand, instead of waiting until the last minute. British American Tobacco, Ranch Market, Adaro Energy and Medco Energi are some of the clients that Wagely says its user base grew 10x over the previous year.
The growth fund led the new round with participation from returning investors like the Asian Development Fund. Wagely has raised its total to 14 million since it was launched in 2020.
One of Indonesia's largest private banks, Bank Central Asia (BCA), backed Wagely.
According to the co-founder and CEO of Wagely, BCA is one of the largest corporate networks in Indonesia. Many of the corporates fit into the target profile of Wagely customers. Wagely is already servicing some BCA customers, which presents the opportunity to leverage synergies across segments and products, not only with BCA but also other banking partners that want to innovate financial services and create positive impact.
GajiGesa, a fintech for unbanked Indonesian workers, lands $6.6M pre-Series A
Bangladesh was chosen as Wagely's second market because it has a massive opportunity for financial technology that is characterized by similar attractive fundamentals like Indonesia.
With Wagely's rapid growth in recent quarters, we believe they will be the preferred partner for large enterprises that aim to challenge the status quo of worker financial wellbeing in Indonesia and beyond.
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