Imagine, you are in the middle of the month and your money is running low. Suddenly, your family member gets sick and requires immediate expense. But, you can’t get a salary to cover these expenses because it’s not a payday yet.
Apparently, many people have experienced such a situation. If caught in that scenario, many people often resort to quick ways: borrow money from friends, banks, or even loan sharks. This method, unfortunately, is prone to be dangerous due to the high potential to be hunted by debt collectors. Terrible, isn’t it?
But there is one startup that has found a solution to that phenomenon! Instead of waiting until the end of the month, this startup provides an opportunity for employees to receive salaries before payday so that the problem of emergency expenses like the scenario above can be resolved. Curious? Let’s meet Vinmo!
Vinmo is one of the earned wage access startups in Indonesia. Wait, earned wage access, what is that?
Earned wage access (EWA) is a financial service that provides an opportunity for its users to receive their share of their salary before payday. With EWA, its users are able to collect salary in advance when they need emergency funds at uncertain times.
Later, on payday, the salary given by the company will be deducted by rhe funds that have been taken first. Withholding is done automatically so users don’t have to bother paying back the funds they have previously withdrawn.
By entering this sector, Vinmo is creating great things for employees in Indonesia. By creating an early access to salary, Vinmo hopes to improve the financial health of employees in Indonesia.
In addition to providing early salary access, Vinmo also offers various other conveniences. Withdrawing funds on Vinmo is very easy because there is no debt guarantee that users need to fulfill. In addition, funds taken from Vinmo do not have interest at all. Because funds are taken automatically from salary deductions, users don’t have to worry about the due date for paying off the withdrawn funds.
Not only beneficial for employees, the use of Vinmo is also beneficial for the employer. With early access to salary, employees can become more enthusiastic, productive, and loyal to the company. Not only that, Vinmo will provide benefits for the company on every transaction. All these things will not interfere with the company’s cash flow and workload.
Now, since its establishment in September 2021, there are more than 30 companies that use Vinmo for early salary access. How could Vinmo grow so fast? They found the right startup partner whose abilities are beyond just incubator and accelerator: Gear Up!
Gear Up provides an amazing access to 50 weeks of 1-on-1 full of in-depth startup brainstorming. In addition, Gear Up also gives startups access to reach investors and a wider market.
“We joined Gear Up to understand how we should structure our business, and learn things like building a go to market, pitching and fundraising. The biggest value was being able to access a global network that can give us critical feedback,” said CEO and Co-Fouder of Vinmo Kristoforus Giovanni.
What are you waiting for? Make Gear Up your best startup partner!
