Two Indonesian firms have raised seed funding this week as they look to expand their operations. While Insurtech firm Rey has secured funding from investors such as Taiwan-based Trans-Pacific Technology Fund (TPTF), Genesia Ventures and PT Reycom Document Solusi; earned wage access (EWA) platform Kini bagged funding from East Ventures and other investors.
Rey bags $4.2 million in seed funding
Jakarta-based insurtech firm Rey Assurance has raised $4.2 million in seed funding, led by Taiwan-based Trans-Pacific Technology Fund (TPTF), Genesia Ventures, and PT Reycom Document Solusi (RDS), the startup announced on Wednesday.
DealStreetAsia had reported on Rey Assurance’s fundraising in May, based on filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) that showed Genesia Ventures contributed $2 million to the round.
Evan Wijaya Tanotogono, CEO and co-founder of Rey, said that the firm plans to use the money to build new products and services for customers. The company currently provides protection for health, personal accident, and critical illness. In addition, Rey’s customers get access to a debit card to avail cashless payment in all health centres in Indonesia.
Established in 2021, Rey Assurance is headquartered in Singapore with operations in Jakarta. The company was founded by Tanotogono and Bobby Siagian.
Rey had raised $1 million in pre-seed funding from the Trans-Pacific Technology Fund (TPTF) in September last year.
East Ventures leads Kini’s seed round
Indonesian EWA platform Kini has raised $4.3 million in seed funding, led by East Ventures with the participation of other investors.
The firm will use the corpus to build its HR-fintech product suite and expand its enterprise partnerships.
Their support [investors’] will accelerate our mission to make life better for the 99% of workers in Indonesia, especially for the workers who live from paycheck to paycheck. With a huge blue-collar workforce across Indonesia and Southeast Asia, we believe Kini benefits both the employer and employees,” said Jordan Fain, chief executive officer of Kini in a media statement.
Founded in 2021 by Jordan Fain and Indonesia fintech veteran Sidnei Budiman, Kini provides on-demand payroll services or earned wage access to help employees take control of their finances.
Kini claims that its technology allows employees to have immediate access to cash, bill-pay services, as well as features including micro insurance.
Kini’s platform also offers additional tools for companies to help manage their workforce, including instant disbursement of incentives or allowances, discount vouchers, communications, payroll services, and API integration with human resources information systems and employee time tracking systems.
Since its inception last year, the firm says it has reached an average of 70% monthly growth in transaction volumes. Currently, Kini has served over 50 corporations, including ISMAYA GROUP, Asaba, Doku, and other public companies.