Indonesia-based Kini secures USD 4.3 Million in seed funding round

Indonesian on-demand payroll provider, Kini has reportedly secured USD 4.3 million in a seed funding round led by East Ventures.

The company will use the proceeds of this round to build its HR-Fintech product portfolio and invest in HR tech providers as well as surging enterprise partnerships to operate their solutions using one API.

Kini Chief Executive Officer Jordan Fain expressed his belief that the seed funding will expedite its vision of improving the lives of almost all workers in Indonesia, particularly the ones who survive on paycheck money.

Fain added that along with employers, the immense waged workforce in Indonesia and Southeast Asia will also benefit from the company’s plans.

It is worth mentioning that Kini helps workers in gaining financial awareness by offering instant cash access, bill-paying services, and exclusive features like micro-insurance. It is supported by investors like Ten13, East Ventures, K50 Ventures, OurCrowd, and Goodwater Capital.

Mr. Fain, who previously worked at Uber, realized that streamlining the payment cycles of drivers enhanced retention and increased acquisition. Thus, it was believed that a concept like Kini would empower businesses to manage huge blue-collar workforces.

Fain also remarked that millions of waged workers in Indonesia and overall Southeast Asia live on paycheck money, are underbanked, and have less access to credit, making them easy victims to predatory lending practices.

Kini has solutions to all these problems as it offers on-demand payroll services to create financial awareness amongst workers. Using the company’s technology, workers can easily access bill-pay services, cash, and other features.

Furthermore, the company’s platform provides additional workforce management tools for companies. This includes immediate disbursement of allowance or incentives, communications, discount vouchers, employee time tracking systems, payroll services, and integration of API with human resources information systems.

Since its launch, Kini has witnessed an average monthly growth of 70 percent in transaction volumes.

Source credit:https://technode.global/2022/07/07/indonesias-kini-raises-4-3m-seed-funding-led-by-east-ventures/