wagely Secures $23M to Revolutionize Financial Wellness in Southeast Asia
March 8, 2024, 4:45 pm
Asia's financial wellness startup, wagely, has secured a whopping $23 million in funding led by Capria Ventures, marking a significant milestone in the realm of earned-wage access (EWA) services in Southeast Asia. This injection of capital reflects a strong investor confidence in wagely's mission to improve financial wellness in the region.
wagely's innovative financial wellness platform allows workers to access their pay after each workday, empowering them to better manage their money and alleviate financial stress. The platform, offered free to employers, serves as an optional benefit for employees, enabling them to track their salary, access financial literacy resources, and move closer to financial freedom.
In 2023 alone, wagely disbursed over $25 million in salaries, processed close to one million transactions, and reached 500,000 workers, solidifying its position as the leading financial wellness service in Southeast Asia poised for continuous growth.
The latest funding round, comprising a mix of equity and debt financing, is a testament to wagely's potential to enhance financial wellness in key markets like Indonesia and Bangladesh. Capria Ventures, a specialist venture capital firm investing in applied Generative AI, is leading the equity portion of the round, with participation from existing investors and a notable private debt fund aimed at expanding wagely's core EWA service.
Dave Richards, Managing Partner at Capria Ventures, commended wagely's impressive growth and execution in providing a sustainable financial solution for underserved blue-collar workers and employers. He highlighted the opportunity for wagely to leverage Generative AI across various use cases to help workers make better financial decisions.
With as many as 75% of workers in Indonesia and Bangladesh facing financial challenges, wagely's mission to provide access to financial tools and support is crucial in improving their financial wellbeing. The company's commitment to empowering employees to regain control over their income and finances has garnered recognition, including winning the annual Inclusive Fintech 50 in 2022.
As wagely continues to make a positive impact on vulnerable blue-collar workers in Southeast Asia, the $23 million funding secured will fuel its growth and further solidify its position as a transformative force in the financial wellness landscape. Visit wagely's website for more information on their mission and impact.
wagely's innovative financial wellness platform allows workers to access their pay after each workday, empowering them to better manage their money and alleviate financial stress. The platform, offered free to employers, serves as an optional benefit for employees, enabling them to track their salary, access financial literacy resources, and move closer to financial freedom.
In 2023 alone, wagely disbursed over $25 million in salaries, processed close to one million transactions, and reached 500,000 workers, solidifying its position as the leading financial wellness service in Southeast Asia poised for continuous growth.
The latest funding round, comprising a mix of equity and debt financing, is a testament to wagely's potential to enhance financial wellness in key markets like Indonesia and Bangladesh. Capria Ventures, a specialist venture capital firm investing in applied Generative AI, is leading the equity portion of the round, with participation from existing investors and a notable private debt fund aimed at expanding wagely's core EWA service.
Dave Richards, Managing Partner at Capria Ventures, commended wagely's impressive growth and execution in providing a sustainable financial solution for underserved blue-collar workers and employers. He highlighted the opportunity for wagely to leverage Generative AI across various use cases to help workers make better financial decisions.
With as many as 75% of workers in Indonesia and Bangladesh facing financial challenges, wagely's mission to provide access to financial tools and support is crucial in improving their financial wellbeing. The company's commitment to empowering employees to regain control over their income and finances has garnered recognition, including winning the annual Inclusive Fintech 50 in 2022.
As wagely continues to make a positive impact on vulnerable blue-collar workers in Southeast Asia, the $23 million funding secured will fuel its growth and further solidify its position as a transformative force in the financial wellness landscape. Visit wagely's website for more information on their mission and impact.