Wagely Secures $23 Million Funding to Expand Financial Wellness Services
- ByStartupStory | March 4, 2024
Indonesia-based fintech firm Wagely, with a focus on financial wellness, secured $23 million in a mix of equity and debt funding. Capria Ventures, a generative AI-focused venture capital fund, led the equity round, with participation from existing investors. “The Wagely team has demonstrated excellent execution with impressive growth in providing a sustainable and win-win financial solution for underserved blue-collar workers and employers,” commented Dave Richards, Managing Partner at Capria Ventures.
An unnamed private debt fund also contributed to the funding, aiming to expand Wagely’s earned wage access (EWA) service in Indonesia and Bangladesh. Wagely enables workers in these countries to manage their money by accessing their pay after each workday. It offers this feature free of charge to employers and as an optional benefit to employees.
“The Wagely team has demonstrated excellent execution with impressive growth in providing a sustainable and win-win financial solution for underserved blue-collar workers and employers,” remarked Dave Richards, Managing Partner at Capria Ventures.
Wagely, co-founded by Tobias Fischer, Sasanadi Ruka, and Kevin Hausburg in 2020, also allows users to track their salary and access financial literacy resources. This empowers them to mitigate financial stress and achieve financial freedom. About 75% of the 195 million workers in Indonesia and Bangladesh face financially challenging situations, relying on each paycheck to make ends meet.
“The Wagely team has demonstrated excellent execution with impressive growth in providing a sustainable and win-win financial solution for underserved blue-collar workers and employers,” stated Dave Richards, Managing Partner at Capria Ventures.
The lack of access to conventional financial services leaves a significant number of workers without the necessary financial tools and support to improve their financial well-being. In 2023, Wagely disbursed over $25 million in salaries, processing close to one million transactions for over five lakh workers.
“The Wagely team has demonstrated excellent execution with impressive growth in providing a sustainable and win-win financial solution for underserved blue-collar workers and employers,” emphasized Dave Richards, Managing Partner at Capria Ventures.
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