Indonesian financial wellness platform GajiGesa has secured $2.5 million in seed funding. Defy.vc and Quest Ventures led the round.
Singapore/Jakarta, February 3, 2021 — As companies continue to manage the impacts of COVID-19, the financial wellness platform GajiGesa is announcing a $2.5 million USD seed round to expand financial resilience for workers in Indonesia and help partner companies more effectively and easily manage their cash flow. The round was co-led by Defy.vc and Quest Ventures. GK Plug and Play, Next Billion Ventures, Alto Partners Multi-Family Office, Kanmo Group, and multiple strategic angel investors also participated in the round.
GajiGesa’s powerful fintech platform provides customers and their employees the tools to streamline their cash flow by offering financial services including Earned Wage Access (EWA), financial literacy content, bill payments, real-time analytics, and more. The company was founded less than a year ago by seasoned fintech veterans Martyna Malinowska (ex-Standard Chartered Bank, LenddoEFL) and Vidit Agrawal (ex-Stripe, Uber, Carro).
According to BPS (Statistics Indonesia) data, there are approximately 129 million workers in Indonesia, many of whom regularly face increased financial stress and hardship because of cash flow constraints, traditional monthly payment schedules, unexpected expenses, and limited financial access. The World Bank FINDEX estimates over 70% of Indonesians borrow from informal sources, often with extortionate interest rates and undesirable terms. The continued fallout from COVID-19 has meant that it is more critical than ever for workers to have access to transparent, reliable, and honest financial solutions that help them manage their finances responsibly.
GajiGesa works with companies of all sizes and industries; seamlessly integrating into employer partners’ existing HRIS and payroll systems to ensure hyper-efficient and immediate onboarding. This provides employees and employers more flexibility and control over their money in real-time. Since its launch four months ago, GajiGesa has partnered with over 30 employers and already serves tens of thousands of employees in Indonesia.
For employees, GajiGesa’s app allows them to track their earnings, access their earned wages in real-time, pay bills, buy prepaid cards, and get access to financial education tools.
For employers, GajiGesa’s Analytics platform empowers HR teams to measure company financial well-being strategy effectiveness and get real-time visibility over engagement, productivity, and employee financial health.
“GajiGesa was envisioned to give hardworking Indonesians on-demand access to their own capital and the tools to improve their long-term financial well-being,” said Martyna Malinowska, co-founder, GajiGesa. “We believe every Indonesian has a right to financial dignity at home and at work. Our platform has quickly become an invaluable solution for employers looking to provide their workforce with reliable and responsible financial assistance they deserve, even in turbulent times. Employees using our service are more engaged at work and are empowered to take control of their financial future.”
“At GajiGesa, we’re building financial resilience at scale. Earned wage access is crucial to increasing the short-term financial wellness of Indoinesian workers by eliminating their dependence on loan sharks or other informal and expensive sources of capital,” said Vidit Agarwal, co-founder, GajiGesa. “We’re giving hundreds of thousands of employees the tools and awareness to reach their financial goals with peace of mind. For employer partners, we help radically improve employee retention, productivity, and cash-flow.”
Bob Rosin, Partner at Defy.vc said, “The lack of access to fair and honest financial services continues to be a critical problem in emerging markets. The vast majority of the 129 million workers in Indonesia remain underbanked. It is a privilege to partner with GajiGesa in their mission to help millions of hardworking Indonesians achieve financial dignity and security from their work.”
Yiping Goh, Partner at Quest Ventures said, “GajiGesa’s financial wellness platform is helping middle to low income workers who live paycheck to paycheck deal with stressful cash-flow issues. It provides much needed financial stability for employers and their employees during a time of unprecedented and continued economic uncertainty. We’re excited to work closely with Martyna, Vidit, and their incredibly talented team to expand their capabilities and reach in Indonesia.”
In a study, research and advisory firm Gartner predicted that by 2023, 20% of US companies with a majority hourly paid workforce would deploy flexible earned wage access solutions as part of efforts to improve employee experience, engagement, and retention. Last year Square launched their own on-demand payroll feature in the US, while global payments giants Visa and PayPal partnered with EWA providers, and other startups like Wagestream are capitalizing on this opportunity in Europe.
Around the world more employers are partnering with fintechs, and now the trend is beginning to catch on in Asia too. GajiGesa’s own research found that:
Over 85% of employees said they felt less financial stress as a result of being able to access their wages whenever they needed them.
The most frequent reasons by workers for earned wage access across employment types are: investments, loan repayments, house renovation, vehicle repair, and health expenses.
The funding will be used to expand GajiGesa’s reach in Indonesia, including investment in sales and customer success, while also scaling its tech team in Jakarta. GajiGesa is deeply committed to building the most reliable and trusted employee wellness platform in Southeast Asia and will continue platform development to ensure it remains on the leading edge by enhancing functionality to support a growing ecosystem of employers, their employees, and strategic partners.
GajiGesa is open to applications from companies interested in embedding its powerful financial wellness solution to create value and engagement for their workforce.
GajiGesa is the preferred financial wellness partner for employers in Indonesia. GajiGesa’s powerful fintech platform is built to help millions of hardworking Indonesians take control of their financial lives with dignity. The GajiGesa app provides member employees with earned wage access, financial education, and other financial management tools to improve their long-term financial health responsibly. It also empowers employer partners with an enterprise-grade HR analytics platform to improve employee productivity, engagement, and retention by reducing financial stress for their teams.
GajiGesa was founded in 2020 by Martyna Malinowska (formerly Product Lead at Standard Chartered Bank, Product Director at LenddoEFL) and Vidit Agarwal (formerly Head of Business Development APAC at Stripe, COO at CARRO, and first employee at Uber in Asia).
The company is Headquartered in Jakarta.
For more information, please visit https://gajigesa.com/