March 16

Indonesia’s Wagely Nets Additional $8.3 Million in Oversubscribed Pre-Series A Funding

Wagely, an Indonesia-based earned wage access (EWA) platform, said Tuesday it has raised $8.3 million in an oversubscribed pre-series A funding as the company scales its platform to help workers access their earned salaries on demand in Indonesia and Bangladesh.

The funding comes in just seven months after the company securing its seed funding.

The oversubscribed 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 which brings the total funding raised to $14 million in less than two years, Wagely said in a statement.

Wagely also disclosed that it secured the backing of Central Capital Ventura, the venture capital arm of Indonesia’s largest private bank, Bank Central Asia (BCA).

Photo courtesy of Henri Ismail.

Source: TechNode Global (link opens in a new window)

financial inclusion, scale