Aditya Hadi Pratama · · 1 min readEast Ventures leads $8.3m funding for Indonesian earned-wage access firm
Wagely, an Indonesia-based earned-wage access startup, has raised US$8.3 million in a pre-series A funding round led by East Ventures, with participation from Global Founders Capital and Central Capital Ventura – the VC arm of Bank Central Asia, Indonesia’s largest private bank.
(From left) Wagely co-founders Tobias Fischer, Sasanadi Ruka, and Kevin Hausburg / Image credit: Wagely
Founded in 2020, Wagely enables workers to access their earned but unpaid wages in real time. Aside from Indonesia, it also has operations in Bangladesh.
In a statement, the company said that its user base has grown by 10x between January and December 2021. It counts companies such as British American Tobacco, Ranch Market, Adaro Energy, and Medco Energi as its clients.
The firm was established by former Grab executive Tobias Fischer, former Tokopedia vice president of engineering Sasanadi Ruka, and Madape Media co-founder Kevin Hausburg.
Last year, Wagely raised US$5.6 million in a seed round led by Integra Partners.
See also: Is earned-wage access Indonesia’s latest hot ticket?
The startup plans to use the fresh funding to accelerate user acquisition, as well as to launch a financial wellness platform later this year.
- Integra Partners
- Asian Development Bank
- Trihill Capital
- Blauwpark Partners
- 1982 Ventures
Editing by Lorenzo Kyle Subido
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