Seven months after revealing its seed round of funding, Wagely, an earned wage access (EWA) platform based in Jakarta and Dhaka, has raised $8.3 million in pre-Series A funding, bringing the total amount raised to $10.3 million. wagely plans to use the new funds to expand into Bangladesh, where it has already established a presence. The company also plans to develop other functionalities to become a "holistic financial wellness platform," which will include savings, insurance, long-term instalment loans, and financial education.
Image by Gerd Altmann from Pixabay
The use of earned income access platforms allows workers to access the money they have already earned on demand, rather of having to wait until payday arrives. Wagely claims that its customer base increased by a factor of ten in 2021, with businesses such as British American Tobacco, Ranch Market, Adaro Energy, and Medco Energi among those who have benefited.
In addition to new backers such as East Ventures (Growth Fund), returning participants such as Integra Partners, the Asian Development Fund, Global Founders Capital, Trihill Capital, and 1982 Ventures participated in the fresh round led by East Ventures (Growth Fund). Wagely has now raised a total of $14 million since its launch in 2020, bringing the company's total raised to date to $14 million.
Wagely has also received support from Central Capital Ventura, the venture capital arm of Bank Central Asia (BCA), one of Indonesia's leading private banks and one of the country's largest financial institutions.
SQ Group, Classic Composite, and Vision Garments are just a few of the prominent ready-made garment manufacturers who have already signed on with the business.
In addition to new backers such as East Ventures (Growth Fund), returning participants such as Integra Partners, the Asian Development Fund, Global Founders Capital, Trihill Capital, and 1982 Ventures participated in the fresh round led by East Ventures (Growth Fund). Wagely has now raised a total of $14 million since its launch in 2020, bringing the company's total raised to date to $14 million.
Wagely has also received support from Central Capital Ventura, the venture capital arm of Bank Central Asia (BCA), one of Indonesia's leading private banks and one of the country's largest financial institutions.
"We see a massive opportunity for financial technology in Bangladesh, which is characterised by similar attractive fundamentals to Indonesia in terms of demographics, large TAM, limited access to credit, growing demand for tailored financial services, and the ability to expand product and segments," says wagely of its choice of Bangladesh as its second market.
SQ Group, Classic Composite, and Vision Garments are just a few of the prominent ready-made garment manufacturers who have already signed on with the business.
"With wagely's rapid growth in recent quarters, we believe they will be the preferred partner for large enterprises that aim to challenge the status quo of worker financial wellness in Indonesia and beyond," said East Ventures managing partner Roderick Purwana in a prepared statement.
Wagely has made an important move and has fortunately succeeded in its attempt. The expansion towards Bangladesh can provide numerous opportunities to Wagely. For more investment related news articles, keep visiting us!