Ex-Uber exec’s earned-wage startup raises $4.3m from East Ventures, others

Indonesian earned-wage access startup Kini raised US$4.3 million of seed funding in a round led by East Ventures.

Kini CEO Jordan Fain (left) and CTO Sidnei Budiman / Photo credit: Kini

The platform gives its clients’ employees access to cash as soon as they earn it rather than on a salary schedule. Additionally, Kini offers bill payment services as well as microinsurance products.

Kini also has HR features to help companies better manage their workforce. The suite includes instant disbursement of incentives or allowances, discount vouchers, communication tools, payroll services, and API integration with other HR information systems.

The company plans to use the new capital to build its HR-fintech product suite and add partnerships with enterprise and HR tech providers.

Kini CEO Jordan Fain, who was also a former Uber executive, noted that tightening the payment cycle for drivers at the US ride-hailing firm improved their retention and acquisition. He added that millions of Southeast Asian blue-collar workers are underbanked and live from paycheck to paycheck with limited access to credit, which makes them vulnerable to predatory lending by payday lenders.

Since its launch in 2021, Kini’s transaction volumes have grown by an average of 70% each month. Currently, the platform is used by more than 50 corporations, including industry majors Ismaya Group, Asaba, Doku, and several public companies.

See also: Is earned-wage access Indonesia’s latest hot ticket?