Employee Raises $ 5.6 Million to Bring Financial Well-Being to Millions of Low and Middle Income Workers in Indonesia
- Payroll allows Indonesian workers to access their wages in real time and offers a more affordable and sustainable alternative to predatory loans.
- Founded in 2020 by the former executives of Grab and Tokopedia, Tobias Fischer (CEO) and Sasanadi Ruka (CTO), will reach more than 250,000 Indonesian users by 2021.
- Over 50 leading Indonesian companies, state enterprises and multinationals, such as PT Bentoel Internasional Investama Tbk (British American Tobacco), PT Supra Boga Lestari Tbk (Ranch Market), PT Mustika Ratu Tbk and PT Kencana Energi Lestari Tbk have joined forces to Wayly to provide financial well-being to their employees.
Jakarta, Indonesia and SINGAPORE, June 9, 2021 / PRNewswire / – Jakarta-basedpaidly, a financial wellness platform that allows access to earned wages, announced it has increased 5.6 million US dollars in a strategic investment cycle. The round is led by Integra Partners (formerly known as Dymon Asia Ventures) with participation from ADB Ventures (the venture capital arm of the Asian Development Bank), PT Triputra Investindo Arya (one of the indonesia largest private groups), Global Founders Capital, Trihill Capital, 1982 Ventures, Willy Suwandi Dharma (former CEO of PT Asuransi Adira Dinamika) and others.
Founded by Tobias Fischer (CEO) and Sasanadi Ruka (CTO), former executives of Grab and Tokopedia, the investment will be used to accelerate adoption of Salaire’s financial wellness platform. âMore than 100 million low- and middle-income Indonesian workers live pay-to-pay and face unforeseen financial expenses between paychecks, impacting businesses with a top figure. higher business, lower productivity and more employee loans, âsaid Tobias Fischer, CEO, employee. âOur workplaces are changing rapidly, especially since the onset of COVID-19. Now the way people get paid is changing too, and on a massive scale. Indonesia and beyond.”
The increase crowns an impressive first year for Salary, which has seen its network of partners expand to more than 50 large companies that have already adopted the startup’s financial well-being solution, including PT Bentoel Internasional Investama Tbk (British American Tobacco), PT Supra Boga Lestari Tbk (Ranch Market), PT Mustika Ratu Tbk, PT Kencana Energi Lestari Tbk, and others. âWagely provides our employees with financial stability in times of uncertainty. This is extremely important and a crucial step for the long term resilience of our business. Without any changes to our payroll process, wagely’s solution was found to increase our business savings and helped our employees avoid predatory loans while providing savings and budgeting tools that increase their financial literacy. Said Wilson Maknawi, CEO, PT Kencana Energi Lestari, Tbk.
As concerns about COVID-19 continue to grow, employers around the world, including Walmart, Pizza Hut and Visa, are turning to earned wage access solutions to reduce turnover, improve productivity and increase savings companies. Investors are taking note. Dailypay, One of the Leading Earned Salary Access Providers in the United States, Just Raised US $ 500 million and achieved unicorn status. Other earned wage access providers are supported by Softbank (Payactiv, US), Jeff Bezos and Bill Gates (Wagestream, United Kingdom; Minu, MEX), and Pierre Thiel (Same, United States). Payactiv already has more than 2 million users and has processed more than US $ 5 billion in access to earned wages, highlighting the enormous potential of the space.
Comment on the investment Christiaan Kaptein, partner of Integra Partners, said: âWe are proud to partner with Tobias, Didi and the team at Waily in their mission to bring financial well-being to the employees of Indonesia and throughout the region. The strategic participation of several Indonesian investment groups as well as the Asian Development Bank underscores Salaire’s leadership role in the space and in the Indonesian market. ” Daniel hersson, Senior Fund Manager at ADB Ventures, adds: âOur investment affirms our belief that salary has what it takes to integrate financial inclusion and literacy into Indonesia. Wage gives workers what they did not have before: a fair and accessible financial tool to help them deal with the unforeseen and inevitable emergencies of life, including those caused by climate change. “
salary takes on new partners every day through Indonesia. Its customers include British American Tobacco, Ranch Market, Mustika Ratu, Kencana Energy and others. Interested companies can find out more and contact here.