Wegley, an Acquired Access (EWA) platform based in Jakarta and Dhaka, has raised $8.3 million in pre-Series A funding just seven months after the first round was announced. The new funds will be used to expand Payly in Bangladesh, where it recently launched, and other activities to become a “holistic financial wellness platform” including savings, insurance, long-term installment loans and financial education.
The Earned Wage Access platform allows employees to access their already earned wages on demand instead of waiting for payday. Wegley says its user base is up 10x year-over-year in 2021, including customers from British American Tobacco, Ranch Market, Addaro Energy and Medco Energy.
The new round was led by East Ventures (Growth Fund) with returning investors such as Integra Partners, Asian Development Fund, Global Founders Capital, Trihill Capital, Blauppark Partners and 1982 Ventures. Since launching in 2020, the total salary has increased to $14 million.
Wegley also received support from Central Capital Ventura, the venture arm of Bank Central Asia (BCA), one of Indonesia’s largest private banks.
Loon co-founder and CEO Tobias Fisher told gaming-updates that BCA has “one of the largest enterprise networks in Indonesia. Many of these corporations fit the profile of the target group of loyal customers. On the other hand, Lonely already serves some BCA customers, which provides an opportunity to take advantage of the synergies between segments and products not only with BCA but also with other banking partners to innovate in financial services. positive influence.
Bangladesh was chosen as the second payroll market because “we see huge opportunities for fintech in Bangladesh due to demographics, large TAMs, limited access to credit, growing demand for financial services in size and similarly attractive infrastructure as in Indonesia” . Ability to expand products and segments. The startup has already signed contracts with leading ready-to-wear manufacturers such as SQ Group, Classic Composites and Vision Garments.
In a prepared statement, Roderick Purwana, Managing Partner at East Ventures, said: “Given Loon’s rapid growth in recent quarters, we are confident they are the best choice for key businesses challenging the financial well-being of employees in Indonesia and beyond. partner of choice. I want to challenge.”