Indonesia’s financial wellness platform wagely has announced the raising of $23 million in new funding in a combined equity and debt financing round led by Capria Ventures, a global south specialist venture capital firm investing in applied Generative AI.
The round is further accompanied by a significant contribution from a notable private debt fund aimed at expanding wagely’s core EWA service in Indonesia and Bangladesh.
wagely’s financial wellness platform allows workers to better manage their money by letting them access their pay after each workday. It is offered free to employers who then provide it as an optional benefit to employees.
In 2023, wagely claimed it has disbursed over $25 million in salaries, processing close to one million transactions and being accessible by 5,00,000 workers, making it the leading financial wellness service in the region poised for continuous growth.
“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. We see a huge opportunity for wagely to apply generative AI across multiple use cases, such as automated document processing and local language conversational interfaces for workers to make better financial decisions,” said Dave Richards, Managing Partner, Capria Ventures.