Indonesia’s earned wage access platform GajiGesa acquired by Kredivo Group
The Earned Wage Access (EWA) platform GajiGesa, which operates in Indonesia, has been fully acquired by Kredivo Group.
With this acquisition, Kredivo Group will enter the rapidly expanding EWA market, which aligns with the group’s objective of offering its clients quick, reasonably priced, and easily accessible financial services. As a new business unit under Kredivo Group, GajiGesa will continue to operate under its own brand after the acquisition is complete, the company announced in a statement.
In 2020, Vidit Agrawal and Martyna Malinowska co-founded GajiGesa, which has since grown to become Indonesia’s top EWA provider.
According to the company, the product acts as a platform for financial wellness, enabling workers to immediately access the earned portion of their monthly salary through an intuitive mobile application and displacing the predatory lenders that these workers would have otherwise been vulnerable to.
Employers benefit from reduced working capital intensity and increased talent retention after a straightforward integration process with their current systems.
Vidit Agrawal, GajiGesa’s co-founder and CEO commented, “GajiGesa is delighted to join forces with Kredivo Group. GajiGesa has been the fastest growing EWA product in Indonesia over the last few years with over 350,000 employee customers, and access to Kredivo’s highly advanced risk management and debt supply capabilities can take our business to the next level.”
Abhijay Sethia, Kredivo Group’s Chief Strategy Officer said, “GajiGesa’s product suite puts employee wellness first and is a major enabler of financial inclusion by bringing underbanked customers into the formal financial system. Payroll is the starting point for building primary banking relationships with customers, and we believe that this product not only offers tremendous benefits to both salaried employees and their employers alike, but is also entirely complementary to Kredivo Group’s existing businesses, across its Kredivo (digital consumer credit) and Krom (digital banking) franchises.”
As is typical for deals of this kind, final approvals and the fulfillment of closing requirements are prerequisites for the acquisition to be completed.
Kredivo Group offers digital financial services under the Kredivo, KrediFazz, and Krom brands in Southeast Asia.
In Indonesia and Vietnam, Kredivo is a digital credit platform that offers consumers real-time decision-based personal loans as well as instant credit financing for both online and offline purchases.
Among the lowest interest rates offered by digital credit providers in Indonesia, Kredivo allows customers to purchase now and pay later across the country’s retail commerce network.
The group’s banking organization and operator of the Indonesian neobank Krom is Krom Bank Indonesia, formerly known as Bank Bisnis Internasional. Mizuho Financial Group, Square Peg Capital, Jungle Ventures, Naver Corp, Mirae Asset, and Victory Park Capital are just a few of the top financial and strategic investors that support Kredivo Group.
