Kini, an Indonesian on-demand payroll provider, raised US$ 4.3 million in seed funding led by East Ventures
July 8, 2022
Kini, an Indonesian on-demand payroll provider, raised US$ 4.3 million of seed funding led by East Ventures, with participation from other investors. Kini will allocate the fresh funds to continue building out its HR-Fintech product suite, and invest in expanding enterprise partnerships and HR tech providers to power their HR-fintech solutions through a single API.
Kini was founded by Jordan Fain, Chief Executive Officer, and Indonesia fintech veteran Sidnei Budiman, Chief Technology Officer, in 2021.“We are excited to partner with East Ventures and all our investors. Their support 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.
Based on years of experience at Uber, Jordan realized that tightening the payment cycle for drivers improved retention and increased acquisition. Therefore, Jordan had confidence that Kini would be helpful for empowering businesses to manage large blue-collar workforces. Additionally, millions of blue-collar workers in Indonesia and broader Southeast Asia are underbanked, live from paycheck to paycheck, and have limited access to credit, hence are vulnerable to predatory lending from payday lenders.
Kini is a solution to alleviate these issues, by providing on-demand payroll services (also referred to as earned wage access) to help employees take control of their finances. Through Kini’s technology, employees can 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.
“The need for financial inclusion for Indonesians is more important today than ever before. We believe in Kini’s mission to revolutionize the way millions of workers manage their money to achieve better financial health, and we are confident that Kini’s team could be a great partner for many employers in Indonesia,” said Melisa Irene, Partner of East Ventures.
Since its launch, less than a year ago, Kini has experienced an average of 70% monthly growth in transaction volumes. Currently, the Team of 10 members is serving more than 50 corporations, including big names in the industry, such as ISMAYA GROUP, Asaba, Doku, and many others including public companies. Kini is already integrated with leading HRIS.
“Kini has been an incredible partner to our business, acting as a safety net for our employees during times of need,” said Amanda, HR Manager of ISMAYA GROUP.