- Wagely secured $23 million to expand earned-wage access services.
- This Indonesian firm raised record funding for an EWA company.
- With over 1 million salary disbursements, Wagely eyes AI integration.
Record funding round for Indonesian EWA Firm
Indonesia-based Wagely has announced it raised $23 million in new funding. This represents the largest investment secured by an earned-wage access (EWA) company in the country to date, according to Wagely.
Capria Ventures, a venture capital firm focusing on the global south, led the equity portion of the round.
Additionally, a notable private debt fund joined the round, expected to aid Wagely in expanding its services across Indonesia and Bangladesh.
Substantial growth and AI integration plans
Since its launch in 2020, Wagely has facilitated over 1 million salary disbursements, enabling employees across its two markets to access their earned wages immediately after a day’s work, if desired.
In 2023 alone, Wagely has witnessed significant activity, paying out over $25 million in salaries through nearly a million transactions, reaching half a million workers.
Dave Richards, managing partner at Capria Ventures, suggested Wagely could leverage generative AI for document processing and local language communication with workers.
Capria Ventures primarily focuses on applied generative AI investments and manages $188 million in assets under management. Integrating generative AI could bolster Wagely’s capabilities as it competes against EWA peers GajiGesa and Gajiku, boasting over 200 and more than 100 client firms, respectively.
The fundraise coincides with Wagely’s recent appointment of its founder, Kevin Hausburg, as CEO, succeeding co-founder Tobias Fischer, who held the top role for over four years.
To read the original article in its entirety: https://www.techinasia.com/wagely-banks-23m
