wagely provides a financial wellness platform that lets workers access their pay after each workday, track salary, and use financial literacy resources. The service is offered free to employers, who provide it as an optional benefit to employees. The company operates in Indonesia and Bangladesh and reports strong usage metrics: in 2023 wagely disbursed over US$25M in salaries, processed close to one million transactions, and was accessible by 500,000 workers. The firm raised US$23M in funding to support its growth. Management says the funds will be used to expand operations and development efforts. No other financial details or past rounds are provided in the article. Wagely provides earned wage access (EWA) to workers and partners with employers to offer on-demand access to earned pay. The company has expanded beyond Indonesia into Bangladesh and serves corporate clients including British American Tobacco, Ranch Market, Adaro Energy and Medco Energi. Wagely says its user base grew 10x year‑over‑year in 2021. It plans to broaden its product set into a holistic financial wellness platform with savings, insurance, long‑term installment loans and financial education. The startup has signed ready‑made garment manufacturers in Bangladesh such as SQ Group, Classic Composite and Vision Garments. Financially, Wagely recently raised $8.3M in a pre‑Series A and has raised $14M in total since launching in 2020. Wagely is an Indonesian earned wage access and financial services platform that lets workers track daily earnings and withdraw earned wages on demand. The company was founded in 2020 by alumni of major Southeast Asian tech firms; CEO Tobias Fischer previously worked at Grab Financial Services Asia and CTO Sasanadi Rukua was a VP of engineering at Tokopedia. Wagely expects to reach more than 250,000 users this year and says it is the market leader in Indonesia with over 50 large enterprise clients. On average, more than 50% of employees at wagely’s enterprise clients use the service multiple times per month. The startup aims to build a holistic financial wellness platform that will include savings, insurance and smart spending products. Wagely recently raised strategic funding to expand its sales team and accelerate enterprise deal activity.

Total raised

$37M

Funding rounds

4

Latest round

Equity

Latest activity

Mar 2024