New Investment Opportunity: Kini
On-demand payroll services for SE Asia
- On-demand payroll platform for Indonesia/SE Asia, modelled on DailyPay and Gusto
- Positive initial traction: average 140% increase in GTV and 80% increase in active users in 8 months since launch
- Enhanced need for earned wage access, financial services in region due to lack of credit card penetration
- Launched in Indonesia, targeting expansion to Philippines
- Up to $1M allocation in an up to $3.3M Seed round
BOOK A CALL
with your Investor Relations representative
Dear Josb,
Millions of blue-collar workers in Southeast Asia are underbanked, without access to credit cards or conventional loans, leaving them vulnerable to predatory payday lenders.
OurCrowd is investing in Kini, a FinTech company based in Indonesia that provides on-demand payroll and financial services platform for companies, empowering employees to take control of their finances. The details in this email are based on information received from, and verified solely by, the company.
The problem
The traditional pay cycle does not meet the needs of millions of blue-collar workers in Indonesia and other Southeast Asian countries. Sixty-six percent of Indonesians are underbanked, without access to credit cards or conventional loans. Over 50% of workers say they are stressed about their finances. Most live paycheck to paycheck, with only 25% of households readily able to cover unexpected expenses of Rp 500,000 ($36).
The solution
Kini provides earned wage access, or on-demand payroll services to companies, helping employees take control of their finances by providing access to cash, bill-paying services, and special features such as micro insurance and micro investments tailored to this market.
Kini's platform provides companies with additional tools to help manage their workforce, including instant disbursement of incentives, payroll or allowances, communications, and API integration with human resources information systems and employee time-tracking systems.
Initial Traction
The company has launched in Indonesia and is planning to expand to the other market in Asia.
The company is seeing an average increase of 140% MOM in gross transaction value with an 80% increase in active users in the first eight months after launch.
The round
OurCrowd has an allocation of up to $1M in this up to $3.3M Seed round.
Meet the CEO
Jordan Fain, CEO and Co-founder of Kini, discusses the company's progress and business strategy with Josh Liggett, Principal, Investments at OurCrowd. Click HERE.
The Kini solution
Kini provides a technology platform that is free to companies, employees who use the platform are charged fees for cash withdrawals and uses of other services.
Employee wages are available to them immediately when they are paid. In addition to instant cash out, the Kini app can be used to make payments at 12 million merchants throughout Indonesia, and many essential bills can be paid directly through the app. Additionally, it provides access to benefits from the employer, a financial tool kit, plus access to banking, micro insurance and micro investment products.
Kini's platform also provides additional tools for companies to manage their workers including instant disbursement of incentives, payroll or allowances, with plans to expand into expense management, partnerships with co-ops for loan originations, and other payroll processing and compliance software.
Next steps:
0 Comments