The funding round took place amidst current funding unavailability, as wagely also surpassed more than one million salary disbursements since the moment of its inception. The company will focus on meeting the needs, preferences, and demands of its customers in an ever-evolving market while prioritising remaining compliant with the regulatory requirements and laws of the local market at the same time.
Wagely’s financial wellness platform was developed in order to provide workers and individuals with the possibility to manage their money in an optimised way, by enabling them to access their pay after each workday. By launching this solution in both Indonesia and Bangladesh, the company will focus on allowing customers to track their salary and access financial literacy resources, while also giving workers the capability to not only mitigate financial stress but also move closer to financial inclusion and financial freedom.
The funding round is expected to improve those capabilities, being comprised of a mix of equity and debt financing investment. Global South specialist venture capital firm that invests in applied Generative AI, Capria Ventures was announced as the firm that led the equity portion, alongside the participation of other existing investors. In addition, the funding round was accompanied by a significant contribution from a private debt fund, which was aimed at the process of expanding wagely’s core EWA solution in the region of Indonesia and Bangladesh. The collective investment will focus on underscoring the company’s strategy of optimising financial weakness in these key markets.
As multiple customers in Indonesia and Bangladesh navigate financially challenging situations, the lack of access to conventional and secure financial services leaves a significant number of clients without the necessary financial tools. Through this funding round, wagely is expected to apply its artificial intelligence (AI) solution across multiple use cases, such as automated document processing, as well as local language conversational interfaces in order for workers and employees to make improved financial decisions and benefit from secure financial solutions.
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