To provide earned wage access to underprivilege workers, GajiGesa secured US $6.6 M in Pre-Series A
GajiGesa, employee management and wellness platform in Indonesia that provides Earned Wage Access (EWA) and other financial services have secured a US $6.6 million pre-Series A fundraising round that was oversubscribed.
The current investment was headed by MassMutual Ventures, the corporate venture capital arm of Massachusetts Mutual Life Insurance Company.
Existing investors such as Wagestream, January Capital, Bunda Group, and Smile Group overcome the odds.
Co-invested by vc, Quest Ventures, GK Plug and Play, and Next Billion Ventures.
Oliver Jung, Northstar Group partner Patrick Walujo, Ula CEO Nipun Mehra, and Stripe APAC head Noah Pepper are among those who have joined.
GajiGesa plans to use the new cash for product development, scaling the firm across Indonesia, and expanding into other Southeast Asian countries, after more than tripling its personnel to over fifty.
Vidit Agrawal and Martyna Malinowska launched GajiGesa in 2020 as a husband-and-wife team.
Agrawal is Uber’s first Asian hire and the former COO of Carro, a Singaporean automobile marketplace business that became a unicorn in June. Malinowska has worked at Standard Chartered and the fintech company LenddoEFL in Singapore.
GajiGesa’s fintech platform provides financial services, such as EWA, financial literacy education, and bill payments, to businesses and their employees in order to help them manage their cash flow.
“The pandemic has accentuated the importance of having an empowered workforce and holistic workplace benefits,” said Malinowska. “In these turbulent times, our platform has become an invaluable tool enabling employers to actively help their employees reduce financial stress and take control of their financial futures.”
The Jakarta-based business claims that its EWA-based wellness solution has grown 40 times this year and that GajiTim, its integrated staff management system, now has over 200,000 users. GajiTim helps companies handle workforce-related duties such as daily/monthly salaries, attendance/leaves, salary computation, payments, and more digitally and simply.
GajiGesa works with 120 clients from a variety of industries, including factories, plantations, manufacturing, retail, restaurants, hospitals, and technology firms.
“Millions of workers and SMEs across Southeast Asia remain underserved. We’re on a mission to expand financial security and dignity to every workplace by giving workers access to their hard-earned wages on-demand,” said Agarwal.
The latest financing comes less than a year after the business raised $2.5 million in a seed round sponsored by Defy.vc and Quest Ventures in Silicon Valley.
GajiGesa joins other regional companies such as wages in Indonesia and GIMO in Vietnam in doubling down on EWA to improve financial security for workers. Payactiv in the United States, Wagestream in the United Kingdom, Minu in Mexico, and Even in the United States are among the other notable EWA providers.
Dailypay, a top EWA provider located in the United States, raised $500 million in May and achieved unicorn status. Payactiv has a user base of over two million people and has processed over $5 billion in EWA. This emphasises the space’s enormous possibilities.
According to the World Bank’s 2017 Financial Inclusion Insights, 66% of Indonesia’s population is “unbanked,” and just 11% of e-money app users are regular users.
