Jakarta, Indonesia-based fintech startup GajiGesa announced in February 2021 that it has raised US$ 2.5M in a seed funding round led by Defy.vc and Quest Ventures. Other funding round participants include GK Plug and Play, Next Billion Ventures, Alto Partners, Kanmo Group and several strategic angel investors.
The startup will utilize the newly raised capital to expand its platform in Indonesia and increase its tech team’s headcount in Jakarta.
Couple Vidit Agrawal and Martyna Malinowska founded the startup in 2020. GajiGesa’s fintech platform gives companies and their workforces the tools to simplify their cash-flow by providing financial services such as Earned Wage Access (EWA), financial literacy content and bill payments. Even after being launched just four months ago, the startup claims to have partnered with over 30 companies and serves more than 10,000 workers in Indonesia. GajiGesa integrates its platform into the client company’s existing HR and payroll systems to guarantee super-efficient and instant onboarding, giving employees and employers the benefit of flexibility and control over their money. The GajiGesa app also enables employees to monitor their earnings, access their earnings and pay bills, among other uses. For companies, the platform allows HR teams to measure financial well-being strategies’ usefulness and gain understandings over engagement, productivity, and employee financial health.
Vidit Agarwal said at GajiGesa; they’re building financial flexibility at scale. Earned Wage Access is vital to increasing Indonesian workers’ short-term financial wellness by removing their dependence on loan swindlers or other informal and expensive money sources. He added that they’re giving millions of employees the tools and mindfulness to reach their financial goals with peace of mind. For company partners, they aim to improve employee retention, efficiency, and cash-flow.
Bob Rosin, Partner at Defy.vc said the absence of access to fair and authentic financial services continues to be a severe problem in emerging markets. A considerable majority of the 129 million workers in Indonesia remain underbanked, devoid of fintech services.
Yiping Goh, Partner at Quest Ventures was quoted to have 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”.
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