Kredivo Group enters EWA sector with GajiGesa acquisition

Kredivo Group has announced the full acquisition of GajiGesa, an Indonesia-based earned wage access (EWA) platform, marking its strategic entry into the growing sector. The move aligns with Kredivo Group's mission to provide fast, affordable, and widely accessible financial services.

Following the acquisition, GajiGesa will continue to operate under its own brand as a new business unit within Kredivo Group, according to a release seen by MARKETING-INTERACTIVE.

Founded in 2020 by Vidit Agrawal and Martyna Malinowska, GajiGesa has grown into a major EWA provider in Indonesia, partnering with over 400 enterprises and serving more than 350,000 employees. The platform enables workers to access their earned wages instantly through a user-friendly mobile app, reducing reliance on lenders. Employers benefit from seamless integration and improved employee retention, alongside optimised working capital management.

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Agrawal, who also serves as the CEO of GajiGesa, stated that Kredivo's advanced risk management and funding capabilities would propel the EWA platform to new heights. "We believe this transaction is an excellent outcome for our shareholders and employees alike, and we are excited to further accelerate growth in the years to come," he added.

Kredivo Group's chief strategy officer, Abhijay Sethia, emphasised that GajiGesa's solutions contribute to financial inclusion by integrating underbanked individuals into the formal financial system. "Payroll is the starting point for building primary banking relationships with customers, and we believe that this product not only offers tremendous benefits to both salaried employees and their employers, but is also entirely complementary to Kredivo Group's existing businesses, across its Kredivo and Krom franchises," he said.

The acquisition remains subject to final regulatory approvals and customary closing conditions.

Kredivo Group is a leading Buy Now, Pay Later platform in Indonesia, but it also provides lending services through KrediFazz and operates digital banking via Krom. The group has expanded to Vietnam and is backed by investors such as Mizuho Financial Group, Square Peg Capital, Jungle Ventures, Naver Corp, Mirae Asset, and Victory Park Capital.

Indonesia's EWA industry was projected to reach a market size of US$13 billion by 2024, driven by a large workforce and rising minimum wages, highlighting its strong growth potential.

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