wagely raises US$5.6 million to bring financial wellness to millions of lower- and middle-income workers in Indonesia

  • Lohnly enables Indonesian workers to have real-time access to their earned wages and offers a more affordable and sustainable alternative to robbery loans.

  • Founded in 2020 by former Grab and Tokopedia executives, Tobias Fisherman (CEO) and Sasanadi Ruka (CTO), Lohnly will reach over 250,000 Indonesian users in 2021.

  • More than 50 large Indonesian corporations, state-owned companies and multinational corporations such as PT Bentoel Internasional Investama Tbk (British American Tobacco), PT Supra Boga Lestari Tbk (Ranch Market), PT Mustika Ratu Tbk and PT Kencana Energi Lestari Tbk have partnered with Lohny to provide financial wellbeing to their employees.

Jakarta, Indonesia and SINGAPORE, June 9, 2021 / PRNewswire / – Jakarta-based Lohnly, a financial wellness platform that provides access to earned wages, has announced that it has increased US$ 5.6 million in a strategic investment round. The round is sponsored by Integra Partners (formerly known as Dymon Asia Ventures) with the participation of ADB Ventures (the venture arm of the Asian Development Bank), PT Triputra Investindo Arya (one of the Indonesia largest private groups), Global Founders Capital, Trihill Capital, 1982 Ventures, Willy Suwandi Dharma (former President Director of PT Asuransi Adira Dinamika) and others.

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Founded by Tobias Fisherman (CEO) and Sasanadi Ruka (CTO), former Grab and Tokopedia executives, the investment will be used to accelerate the rollout of Lohny’s financial wellness platform. “More than 100 million Indonesian low- and middle-income workers live on paychecks and struggle with unexpected financial expenses between paychecks – which in turn impacts companies with higher sales, lower productivity and more employee loans,“says Tobias Fischer, CEO, rewarding. “Our workplaces are changing rapidly, especially since COVID-19. Now the way people are paid is changing too, and on a large scale. Lohny is making paychecks progress, providing financial flexibility to millions of underserved, low and middle income workers Indonesia and beyond.”

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The increase crowns an impressive first year for Lohny, in which the partner network grew to more than 50 large companies that have already adopted the start-up’s financial wellness solution, including PT Bentoel Internasional Investama Tbk (British American Tobacco), PT Supra Boga Lestari Tbk (Ranch Market), PT Mustika Ratu Tbk, PT Kencana Energi Lestari Tbk and others. “wagely offers our employees financial stability in times of uncertainty. This is incredibly important and a crucial step in the long-term resilience of our company. Without changes to our payroll process, the payely solution has proven to be proven to increase our business savings and has helped us , Employees to avoid predatory loans while providing savings and budgeting tools that increase their financial literacy,“said Wilson Maknawi, President Director, PT Kencana Energi Lestari, Tbk.

As concerns about COVID-19 continue to mount, employers around the world including Walmart, Pizza Hut, and Visa are turning to solutions to access earned wages to reduce sales, increase productivity, and save businesses to increase. Investors take note. Dailypay, a leading US-based provider of access to earned wages, recently started operations US$ 500 million and achieved unicorn status. Other providers of access to earned wages are supported by Softbank (Payactiv, USA). Jeff Bezos and Bill Gates (Wagestream, UK; Minu, MEX) and Peter Thiel (Even, USA). Payactiv already has more than 2 million users and more than US$ 5 billion in access to earned wages, which underlines the enormous potential of the space.

Comment on the investment Christian Kaptein, Partner, Integra partner, says: “We are proud to work with Tobias, Didi and the Lohny team on their mission to be the people in Indonesia and across the region. The strategic involvement of several Indonesian investment groups as well as the Asian Development Bank underscores Lohnly’s leading role in space travel and the Indonesian market. ” Daniel Hersson, Senior fund manager, ADB Ventures adds, “Our investment confirms our belief that Lohnly has what it takes to focus on financial inclusion and literacy Indonesia. Lohny offers workers what they didn’t have before: a fair and accessible financial tool to help them cope with life’s inevitable contingencies and emergencies, including those caused by climate change. “

Lohnly takes on new partners every day Indonesia. His clients include British American Tobacco, Ranch Market, Mustika Ratu, Kencana Energy, and others. Interested companies can find out more and contact us here.

SOURCE Lohnly

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