The financial wellness firm of ex-Uber, StanChart execs nets $2.5m in seed funding

Financial wellness platform GajiGesa has raised US$2.5 million in a seed round co-led by Silicon Valley’s Defy and early-stage VC firm Quest Ventures.

GK Plug and Play, Next Billion Ventures, Alto Partners Multi-Family Office, Kanmo Group, and a number of strategic angel investors also took part in the round, according to a statement.

The GajiGesa team / Photo credit: GajiGesa

Founded just last year, the Indonesia-headquartered startup created a fintech platform that provides member employees with financial management tools such as earned wage access and financial education. It also empowers employer partners with an enterprise-grade HR analytics platform to improve employee output.

The company was established by seasoned fintech veterans Martyna Malinowska, who previously worked as product lead at Standard Chartered Bank, and Vidit Agarwal, who was formerly Stripe’s head of business development for Asia Pacific with stints at Uber and Carro.

Since its launch, the company said it has partnered with over 30 employers and claims to have already helps tens of thousands of employees in Indonesia. It plans to use the new funds to expand its team and extend its reach further in the archipelago.

“GajiGesa’s financial wellness platform is helping middle to low income workers who live paycheck to paycheck deal with stressful cash flow issues,” said Quest Ventures partner Yiping Goh. “It provides much-needed financial stability for employers and their employees during a time of unprecedented and continued economic uncertainty.”

According to research and advisory firm Gartner, 20% of US companies with a workforce made up mostly of hourly paid staff will be deploying flexible earned wage access solutions in an effort to improve employee engagement and retention by 2023.

GajiGesa said it’s open to applications from enterprises looking to integrate its financial wellness solutions into their own workforce.