Samreen Ahmad · · 1 min readEarned-wage access startup gets $5.3m seed funding
Paywatch, an earned-wage access (EWA) startup based in Malaysia and South Korea, has raised US$5.3 million in seed funding from venture firm Third Prime, as well as family offices in Singapore and Malaysia, reported The Business Times.
The fresh funds will be used to expand into new Southeast Asian markets such as Indonesia and the Philippines.
Paywatch enables employees to access their earnings instantly, rather than having to wait for payday. To do this, it partners with banks who provide low-cost financing directly to employees. The firm counts Hong Leong Bank in Malaysia and Hana Bank in South Korea as its partners.
See also: Is earned-wage access Indonesia’s latest hot ticket?
Editing by Collin Furtado and Jaclyn Tiu
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