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Kredivo said to acquire Indonesia fintech GajiGesa
Indonesian fintech platform GajiGesa has reportedly been acquired by buy-now-pay-later company Kredivo for US$5 million to US$6 million.
This is significantly lower than GajiGesa’s last reported valuation of around US$33 million.
Regulatory filings show that by 2022, GajiGesa had raised US$9 million in equity funding from investors like MassMutual Ventures, Defy VC, January Capital, Quest Ventures, and OCBC NISP Ventura.
The sale was reportedly driven by shareholder pressure due to difficulties in securing additional funding, potentially leading to investor losses.
Founded in 2020 by Vidit Agarwal and Martyna Malinowska, GajiGesa provides Earned Wage Access (EWA) services, allowing employees to access their wages before payday.
The platform serves over 27,000 users, with a cumulative transaction value exceeding 611 billion rupiah (US$37.38 million).
GajiGesa competes with Wagely, Paywatch, Kini, GetPaid, and Mekari Flex.
Recent Kredivo developments
| Timeline |
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03-Aug-2021 📈 Kredivo used this pitch deck to show investors its plan for a $2.5b IPO
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03-Aug-2021 📈 Kredivo parent firm FinAccel to list in the US through $2.5b SPAC deal
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22-Jun-2021 💰 Indonesian BNPL startup Kredivo gets additional $100m debt facility from US firm
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| 11-Dec-2020 📈 Kredivo’s parent company FinAccel announces management reshuffle |
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