1982 Ventures Backs Indonesian Earned Wage Access and Financial Inclusion Fintech Wagely
June 9, 2021
1982 Ventures backs wagely – an Indonesia-based platform that provides financial wellness and earned wage access to millions of low and middle-income workers. 1982 Ventures is an early backer of wagely and the only seed fund focused on fintech in Southeast Asia.
- wagely raises $5.6 million from 1982 Ventures, Asian Development Bank, Integra Partners (formerly known as Dymon Asia Ventures), one of Indonesia’s largest family conglomerates, Trihill Capital, PT Triputra Investindo Arya, Global Founders Capital, PT Triputra Investindo Arya, and Willy Suwandi Dharma, former President Director of PT Asuransi Adira Dinamika.
- wagely will use the funds to accelerate the adoption of their salary on-demand solution.
wagely, a financial wellness platform that provides earned wage access, has secured funding from 1982 Ventures and other leading venture capital firms. wagely allows Indonesian workers to access their wages in real time and thereby provides a more sustainable and affordable alternative to predatory loans.
wagely has secured funding from 1982 Ventures, Asian Development Bank, Integra Partners (formerly known as Dymon Asia Ventures), one of Indonesia’s largest family conglomerates, Trihill Capital, PT Triputra Investindo Arya, Global Founders Capital, PT Triputra Investindo Arya, and Willy Suwandi Dharma, former President Director of PT Asuransi Adira Dinamika.
Scott Krivokopich, Managing Partner, of 1982 Ventures stated, “Financial inclusion is at the core of 1982 Ventures’ investment thesis. We are proud to be backing wagely and welcome new shareholders to help promote financial inclusion and well-being to millions of Indonesians.”
wagely emerges from stealth mode as the leader in the EWA space in the region. The raise caps off an impressive first year for wagely, which saw its corporate partner network grow to nearly 50 large enterprises that have already adopted the startup’s financial wellness solution including ADR Group, PT. Bentoel Internasional Investama Tbk (British American Tobacco), PT Supra Boga Lestari Tbk (Ranch Market), Mustika Ratu, and others.
“Financial inclusion is at the core of 1982 Ventures’ investment thesis”
Sasanadi Ruka, CTO and Co-Founder of wagely and former Tokopedia executive stated, “We are able to partner with any Indonesian company and our platform allows our partners to begin offering financial wellness and earned wage access immediately without changing or disrupting their existing workflow.”
Tobias Fischer, CEO and Co-Founder of wagely and former Grab executive stated, “Today, millions of low and middle-income workers in Indonesia struggle with emergency savings to cover unexpected expenses and basic needs. The current COVID-19 is catalysing financial struggles of employees and severely impacting the competitiveness of employers.”
The Earned Wage Access space is heating up across the globe and have demonstrated product market fit in developing and developed markets. Dailypay, a leading US-based earned wage access provider, just recently raised $500 million. Other earned wage access providers are backed by Softbank (Payactiv), Jess Bezos and Bill Gates (Wagestream), and QED (Rain.us).
Herston Powers, Managing Partner, of 1982 Ventures stated, “Fintech is the next big thing in financial wellness. Customer-centric, data-drive, value-added services are set to disrupt this sector. There is a large opportunity in Southeast Asia for financial wellness and ultimately impact the overall wellbeing of the society.”
wagely is onboarding new partners every day across Indonesia. wagely is proud to have on-boarded nearly 50 large Indonesian enterprises, state-owned enterprises, and multi-nationals, such as ADR Group, PT. Bentoel Internasional Investama Tbk (British American Tobacco), PT Supra Boga Lestari Tbk (Ranch Market) and PT Mustika Ratu, Tbk.
Interested companies can learn more and reach out here.
wagely is an employee benefit solution that employers can offer to their employees to help them overcome financial shortfalls between paychecks. With wagely, employees are able to access their earned but unpaid wages allowing employees to be financially resilient when in need.
For more information visit: https://www.wagely.app/
About 1982 Ventures
1982 Ventures is a Singapore based VC firm focused on investing in early stage fintech start-ups in Southeast Asia. 1982 Ventures is investing in and supporting the best founders to positively impact the future of financial services in Southeast Asia.
Special thanks to James Conde for his assistance in putting this piece together.