GajiGesa, an Indonesian financial wellness platform, announced today it has raised US$2.5 million in a seed funding round, co-led by Silicon Valley-based Defy.vc and Quest Ventures.
GK Plug and Play, Next Billion Ventures, Alto Partners, Kanmo Group and multiple strategic angel investors also participated.
As per the company, the fresh funds will be used to expand its platform in Indonesia while also scaling its tech team in Jakarta.
GajiGesa was launched in 2020 by the husband-wife duo of Vidit Agrawal and Martyna Malinowska. Agrawal was the first Uber employee in Asia and previously the COO of automotive marketplace startup Carro. Malinowska was previously at Standard Chartered and Singapore-based fintech startup LenddoEFL.
“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,” said Yiping Goh, Partner at Quest Ventures.
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 per cent of Indonesians borrow from informal sources, often with extortionate interest rates and undesirable terms.