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With many people facing financial difficulties due to the coronavirus pandemic and lockdown, some could be tempted to turn to a growing breed of providers who offer the chance to access pay early.
Salary advance schemes let users take a portion of their wages before their payday to help them if they are caught short – but it often comes at a cost to either a worker or their employer.
The cost and the risk of being short in future because you spent money you need early is a downside.
However, this is very different to payday lending with its sky-high interest rates, however, salary advance instead aims to smooth earnings, can let people simulate being paid weekly instead of monthly, and allow them to access emergency cash.
GajiGesa, a fintech focused on Indonesian workers, adds strategic investors and launches new app for micro-SMEs
GajiGesa, a fintech startup that provides earned wage access (EWA) and other services for workers in Indonesia, has added strategic investors to help it launch new services and expand its user base. Its new backers include OCBC NISP Ventura, the venture capital arm of one of Indonesia’s largest banks, and the founders of grab-and-go coffee chain Kopi Kenangan. GajiGesa also recently expanded beyond the enterprise space with a new employee management system for SMEs and micro-SMEs. Called GajiTim, the app is aimed at businesses with between five to 100 workers and has gained more than 50,000 active users since it was launched in mid-March.