Fintech startup GajiGesa announced additional strategic investments with an undisclosed value from OCBC NISP Ventura and some strategic angel investors, including Kopi Kenangan’s Founder. This round is announced four months after GajiGesa raised seed funding of $2.5 million.
In an interview with DailySocial, GajiGesa’s Co-Founder, Vidit Agrawal said, the OCBC NISP Ventura entrance creates an opportunity for GajiGesa to integrate its products with financial products. “Including to offer bank accounts opening for those who unbanked, loan products, and other financial solutions that can help improve the welfare of blue collar workers,” he said.
This is because as many as two thirds of the population in Indonesia are unbanked, which means they do not have bank accounts. Bank OCBC NISP has the opportunity to gathered them through GajiGesa.
In a separate interview with Techcrunch, Agrawal said that the founder of Kopi Kenangan, who is backed by a network of investors such as Sequoia Capital India, Alpha JWC, and Horizons Ventures, has made them prolific angel investors for other startups. He believes the network will help GajiGesa accelerate the impact for employers across Indonesia.
GajiGesa provides services for employers and employees in smoothing cash flow with financial products, including flexible salary access or what is known as Flexible Earned Wage Access (FEWA), financial education, bill payments, real-time analysis, and more. This concept is different from cash loan services operated by most lending companies in Indonesia.
For employees, GajiGesa provides employees with real-time access to early salaries in the current month, which can be used to pay bills, buy credit and data packages, and access financial education.
Meanwhile, for employers, GajiGesa’s analysis platform provides the HR team to measure the effectiveness of financial health strategies, get real-time visibility into engagement, maintain retention and productivity, and employee financial health.
Employers have the flexibility and control of FEWA offerings, they can decide whether to take this service to employees for an additional fee or as part of a benefit package.
Agrawal said that GajiGesa has been used by more than 30 companies with a total of tens of thousands of employees in Indonesia.
Without further details, he said Ramadan and Eidthese are has became busy periods regarding the trend of early disbursement of salaries, because many employees withdrew their salaries earlier, given the increasing family needs. This condition is reflected in GajiGesa, where salary disbursement activities almost doubled during that period.
Launching Gajitim app
Agrawal said that the company has launched GajiTim employee management application for the UMKM segment in late March. This product is due to the requests and input from GajiGesa users who want a more efficient, transparent salary calculation and employee tracking solution.
“Building a product that can be used by businesses of all sizes is at the heart of our commitment. Martyna and I always wanted a meaningful solution that everyone could use. Our team quickly innovated to launch GajiTim.”
GajiTim helps MSMEs to manage employees digitally, such as daily/monthly salary, attendance/leave, salary calculation, payments, and others. It is also equipped with features and business insights, therefore, companies have better employee retention.
The innovation is expected to create an integrated and meaningful employee benefits solution for businesses of all sizes and their employees. Agrawal claims that since this application was initiated, it has been able to attract more than 50,000 active users organically.
GajiTim competes with similar players under the same industry. Those are Catapa, Talenta, Jojonomics, KaryaOne, Gadjian, Gaji.id, Benemica, Synergo, and others.
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Original article is in Indonesian, translated by Kristin Siagian
