Earned-wage access startup in Indonesia Kini secured seed investment in a round that was headed by East Ventures for $4.3 million USD.
Instead of paying employees according to a wage schedule, the platform allows them to access money as soon as they earn it. Kini also provides microinsurance products and bill-paying services.
Additionally, Kini provides HR capabilities to aid businesses in improving worker management. The package comprises payroll services, discount coupons, communication tools, immediate payout of incentives or allowances, and API interaction with other HR information systems.
With the additional funding, the business intends to expand the scope of its HR-fintech offerings and forge new alliances with corporate and HR tech suppliers.
Former Uber executive and current Kini CEO Jordan Fain remarked that the US ride-hailing company’s ability to retain and recruit drivers was enhanced by shortening the payment cycle for those individuals. Millions of blue-collar people in Southeast Asia, he said, lack access to banking services, live paycheck to paycheck, and are thus particularly vulnerable to payday lenders’ unscrupulous lending practices.
Kini’s transaction volumes have increased on average by 70% per month since its inception in 2021. More than 50 firms already use the platform, including industry giants Ismaya Group, Asaba, Doku, and numerous publicly traded companies.