TLDR:
- Indonesia-based financial wellness platform Wagely secures $23 million in new funding led by Capria Ventures.
- Wagely surpasses one million salary disbursements since inception and aims to enhance financial wellness in key markets.
Wagely, a financial wellness platform based in Indonesia, has secured $23 million in new funding from a mix of equity and debt financing. The funding round, led by Capria Ventures, a specialist venture capital firm investing in applied generative AI, aims to support wagely’s core earned-wage access (EWA) service in Indonesia and Bangladesh. Wagely’s platform allows workers to access their pay after each workday, track their salary, and access financial literacy resources to improve their financial wellbeing.
In 2023, wagely disbursed over $25 million in salaries, processed close to one million transactions, and was accessible by 500,000 workers. With as many as 75 percent of workers in Indonesia and Bangladesh facing financial challenges, wagely’s offering fills a critical need for underserved blue-collar workers and employers. Capria Ventures sees a significant opportunity for wagely to apply Generative AI across multiple use cases and support workers in making better financial decisions.
Wagely’s success and growth in providing financial solutions for blue-collar workers and employers have been recognized by investors, and the funding aims to support the platform’s expansion and impact in the region. With offices in multiple tech hubs in the Global South, Capria Ventures manages assets exceeding $188 million and aims to foster strong relationships between founders and local venture capital firms to drive innovation and impact in emerging markets.
