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Kredivo acquires earned wage access start-up GajiGesa
The acquisition marks another expansion of the fintech business after a launch of its digital banking app called Krom in early 2024.
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Peer-to-peer (P2P) lending app Kredivo. (Courtesy of Kredivo/-)
K
redivo Group, the fintech firm behind buy now, pay later (BNPL) service Kredivo and peer-to-peer (P2P) lending platform Kredifazz has announced on Wednesday its acquisition of homegrown earned wage access (EWA) start-up GajiGesa.
The acquisition marks another expansion of the fintech business after the launch of its digital banking app Krom in early 2024.
“This acquisition will mark Kredivo Group’s entry into the fast-growing EWA market and is in line with the group’s mission of providing fast, affordable and widely accessible financial services to its customers,” Kredivo wrote in a press release issued on Wednesday.
Vidit Agrawal, cofounder and CEO of GajiGesa, said that the company was seeking to boost growth with Kredivo’s “advanced risk management and debt supply capabilities”.
He believes the strategic transaction will result in “an excellent outcome for both shareholders and employees alike” in addition to opening up opportunities to accelerate growth in the future.
GajiGesa was one of the fastest growing EWA products in Indonesia for the past few years with more than 350,000 employee customers on the platform, he said. Its services include wage access for employees along with practical financial tools.
Established in 2020, the firm says it has collaborated with over 400 enterprise employers and is aiming to reduce reliance on predatory lending, maintain long-term financial health and improve financial inclusivity.
