GajiGesa, a fintech for unbanked Indonesian staff, lands $6.6M pre-Sequence A – TechCrunch
GajiGesa, a fintech firm centered on companies for Indonesian staff, introduced right now that it has raised $6.6 million USD in pre-Sequence A funding. The spherical was led by MassMutual Ventures, with participation from January Capital, European earned wage entry firm Wagestream (EWA is GajiGesa’s flagship characteristic), Bunda Group, Smile Group, Oliver Jung, Northstar Group companions together with Patrick Walujo, Nipun Mehra (the CEO of Ula) and Noah Pepper (Stripe’s head of APAC). Returning traders included defy.vc, Quest Ventures, GK Plug and Play and Subsequent Billion Ventures.
For a extra in-depth take a look at GajiGesa, check out TechCrunch’s profile of the corporate from February, when it raised its $2.5 million seed spherical.
Agrawal and Malinowska stated in a press launch that GajiGesa’s crew has doubled in measurement over the previous six months to over 50, and the startup plans to make use of its newest funding on product improvement, growth throughout Indonesia and coming into new markets in Southeast Asia.
The startup is aimed toward unbanked staff and focuses on earned wage entry, which lets folks withdraw their wages instantly as a substitute of ready for month-to-month paychecks, as a result of the founders—husband-and-wife crew Vidit Agrawal and Martyna Malinowska—stated that offers staff rather more liquidity and protects them from predatory lenders.
GajiGesa now works with greater than 120 firms in a variety of sectors, together with factories, plantations, manufacturing, retail, eating places, hospitals and tech firms. Based mostly on a survey of its shoppers, GajiGesa claims that over 80% of their workers have stopped utilizing casual lenders due to its EWA characteristic and 40% are utilizing different monetary companies by way of the platform like invoice funds and knowledge recharge.
The corporate gives an employer app referred to as GajiTim, which it claims is Southeast Asia’s “first and largest built-in worker administration resolution.” By that, it implies that employers can handle a wide selection of workforce administrative duties, together with part-time and full-time workers and gig staff. The corporate says GajiTim at the moment has greater than 200,000 customers.
In an announcement concerning the funding, MassMutual Ventures managing director Anvesh Ramineni stated, “[GajiGesa’s] built-in platform combines customer-centric product design and world class expertise infrastructure to make sure they’re uniquely positioned to empower an chronically underserved market and assist develop monetary resilience for tens of millions throughout Southeast Asia.