GajiGesa, a fintech for Indonesian unbanked workers, takes $ 6.6 million in pre-series A – TechCrunch
GajiGesa, a fintech company focused on services for Indonesian workers, today announced that it has raised US $ 6.6 million in pre-Series A funding. The round was led by MassMutual Ventures, with participation from January Capital, the European Wagestream Earned Salary Access Company (EWA is GajiGesa’s flagship feature), Bunda Group, Smile Group, Oliver Jung, Northstar Group partners including Patrick Walujo, Nipun Mehra (CEO of Ula) and Noah Pepper (APAC Stripe Chief). Returning investors included defy.vc, Quest Ventures, GK Plug and Play, and Next Billion Ventures.
For a more in-depth look at GajiGesa, take a look at the company profile by TechCrunch from February, when it raised its $ 2.5 million funding round.
Agrawal and Malinowska said in a press release that GajiGesa’s team has doubled in size in the past six months to over 50, and that the startup plans to use its remaining funding for product development, l ‘expansion in Indonesia and the penetration of new markets in Southeast Asia.
The startup caters to unbanked workers and focuses on access to earned wages, which allows people to withdraw their wages immediately instead of waiting for monthly paychecks, as the founders – the husband team and wife Vidit Agrawal and Martyna Malinowska – said that this gives workers much more liquidity and protects them from predatory lenders.
GajiGesa now works with more than 120 companies across a wide range of industries, including factories, plantations, manufacturing, retail, restaurants, hospitals and tech companies. Based on a survey of its clients, GajiGesa claims that over 80% of their employees have stopped using informal lenders due to their EWA function and 40% are using other financial services through the platform. form, such as paying bills and recharging data.
The company offers an app for employers called GajiTim, which it says is the “first and largest integrated employee management solution in Southeast Asia.” This means that employers can handle a wide range of administrative tasks of the workforce, including part-time and full-time employees and workers in concert. The company claims that GajiTim currently has more than 200,000 users.
In a statement on the investment, MassMutual Ventures Managing Director Anvesh Ramineni said: “[GajiGesa’s] The integrated platform combines customer-centric product design and world-class technology infrastructure to ensure they are ideally placed to strengthen a chronically underserved market and help extend the financial resilience of millions of people in Southeast Asia. South East.