Malaysian earned-wage access firm secures $9m

Malaysia-based Paywatch, an earned-wage access startup, said it raised US$9 million in a pre-series A round led by Third Prime.

The round also saw participation from Hana Ventures and Parkwood Corp as well as endowments from the Vanderbilt University and the University of Illinois Foundation.

The Paywatch team / Photo credit: Paywatch

Founded in 2020, Paywatch provides earned-wage access services that are backed by major financial institutions and central banks. It currently operates in South Korea and Malaysia.

The company said it has over 100 corporate clients, including companies such as KFC, Pizza Hut, TGI Fridays, and Outback Steakhouse.

According to the startup, it will use the new capital to expand its offerings, bolster its presence in existing markets, and enter new geographies, including its expected launches in Hong Kong and the Philippines in 2023.

See also: Is earned-wage access Indonesia’s latest hot ticket?

“Its early success is addressing wage-related issues and is also uniquely positioned to scale product and market expansion in a way that drives broader financial inclusion,” said Travis Shore, chief investment officer of the University of Illinois Foundation.