wagely Raises US$23M to Boost Earned Wage Access in Indonesia and Bangladesh – Fintech Singapore

wagely, an Indonesian earned wage access (EWA) firm, has raised US$23 million in a funding round comprising both equity and debt financing. The round was led by Capria Ventures with contributions from existing investors and a private debt fund.

The platform offers a practical solution for workers in Indonesia and Bangladesh to manage their finances more effectively by allowing access to earned wages after each workday.

wagely’s service is provided at no cost to employers, who in turn offer it as an optional benefit to their employees. It also allows users to track their salary and access financial literacy resources.

In the past year, wagely has disbursed over US$25 million in salaries and processed nearly one million transactions, serving half a million workers.

This strategic funding aims to broaden wagely’s core EWA service in its primary markets of Indonesia and Bangladesh.

Dave Richards

Dave Richards, Managing Partner, Capria Ventures, said,

“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.”

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