Expanding the Financial Resilience of Indonesian Workers
Many Indonesian workers live paycheck-to-paycheck and lack the financial flexibility to respond to emergencies. Wagely, a Jakarta-based fintech, is resetting the traditional “payday” paradigm with a service that allows employees of local companies to withdraw already-earned salaries before their next payroll date.
Wagely’s solution opens lifelines for workers who live in Jakarta, which frequently experiences flooding and other climate-related shocks. It also helps reduce their reliance on predatory or high-interest emergency loans. Meanwhile, Wagely allows employers to benefit from increased employee productivity and higher retention rates. The company has onboarded 21 employers in Jakarta to date, extending its service to a total of 22,000 employees.
ADB Ventures invested in Wagely in June 2021 to help the company improve its technology stack and develop more financial products and services.
Wagely aims to expand financial inclusion and increase the climate resilience of at least 400,000 low- to middle-income workers in the Jakarta Metropolitan Area by 2025.