Dhaka, Bangladesh – Indonesia-based financial wellness platform wagely has announced that it has added up US$8.3m in funding from their oversubscribed pre-series A funding, which will be used to help workers access their earned salaries on demand in Bangladesh, in addition to their local Indonesian market.
The funding round was led by East Ventures (Growth Fund) with participation from existing backers, including Integra Partners, the Asian Development Bank, Global Founders Capital, Trihill Capital, Blauwpark Partners, and 1982 Ventures.
Wagely’s funding follows their latest expansion to Bangladesh, to which CEO and co-founder Tobias Fischer said that they are honoured to offer their financial wellness platform to leading apparel manufacturers in Bangladesh, including SQ Group, Classic Composite, and Vision Garment.
“We are proud to be successfully operating in two of the largest markets in Asia, employing more than 150 million workers. Instant access to salary plays a pivotal role in reducing costs for employers and increasing the productivity and well-being of workers,” Fischer said.
The platform also disclosed that it secured the backing of Central Capital Ventura, the VC arm of Indonesia’s largest private bank, Bank Central Asia (BCA). The investment into wagely underpins the commitment to expand the digital financial ecosystem and drive financial wellness solutions across Indonesia.
Launched in 2020, wagely is building a holistic financial wellness platform with earned wage access (EWA) at its core that lets workers of partner employers access their earned wages in real-time.
In addition, the new capital will enable the company to accelerate its market-leading position in Indonesia and Bangladesh and spur the development of its holistic financial wellness platform, which the company plans to start rolling out later this year.