Wagely, an Asian financial wellness platform, has revealed that it has raised USD 23 million in fresh money in a mixed debt and equity financing round. The deal was spearheaded by Capria Ventures, a Global South-focused venture capital firm that invests in applied Generative AI.
Significant funding for the round has also come from a big private loan fund, which will enable wagely to expand its core EWA offering into Bangladesh and Indonesia.
Starting in 2020, wagely’s financial wellness platform gives workers access to their income at the conclusion of each workday, empowering them to manage their money more responsibly. Employees can decide to get it as an optional benefit, and employers have free access to it. Wagely, which introduced this idea to Bangladesh and Indonesia, also gives customers access to financial literacy materials and the ability to track their salary, enabling them to lessen financial stress and go closer to financial freedom.
According to the firm, it has paid out over USD 25 million in salary in 2023 alone, processed about a million transactions, and is available to 500,000 employees, making it the top financial wellness solution in the area with room to grow.
Dave Richards, Managing Partner, Capria Ventures, said, “The wagely team has demonstrated excellent execution with impressive growth in providing a sustainable and win-win financial solution for underserved blue-collar workers and employers. We see a huge opportunity for wagely to apply Generative AI across multiple use cases, such as automated document processing and local language conversational interfaces for workers to make better financial decisions.”