Paywatch, Asia’s leading earned-wage access (EWA) service provider, has successfully raised $30 million (approximately RM141 million) in funding to accelerate its growth trajectory.
This funding round, comprising both equity and credit facilities, marks the largest investment secured by an EWA player in Southeast Asia to date.
The Series A equity investment of over $14 million (about RM65 million) was led by Third Prime, alongside a consortium of prominent US investors including Vanderbilt University and University of Illinois Foundation.
New investors Octagon Venture Partners and Wooshin Venture Investment Corp also participated, underscoring confidence in Paywatch’s innovative approach to EWA solutions. In addition to equity, Paywatch secured $16 million (around RM75 million) in credit facilities from global banks, including Citi and other major financial institutions, to fuel its product expansion initiatives.
Founded with a mission to provide debt-free EWA solutions, Paywatch enables employees to access a portion of their earned salaries in real-time before the end of their payroll cycle. This innovative service has significantly reduced employees’ reliance on loans, alleviated household debt burdens, and boosted financial management capabilities. Moreover, Paywatch’s automated platform has proven instrumental in enhancing employee retention and productivity for businesses across various sectors.
With over $58 million (approximately RM273 million) in salaries processed through its platform to date, Paywatch anticipates doubling this volume by the end of the year. The company’s expansion plans include leveraging its robust digital infrastructure to introduce new financial inclusion tools and services. Paywatch currently operates in Malaysia, Philippines, Indonesia, and South Korea, and aims to further broaden its footprint across the region.
The investment from US-based institutions like Vanderbilt University and University of Illinois Foundation underscores Paywatch’s global appeal and its pivotal role in advancing financial inclusion across diverse markets. Travis Shore, Chief Investment Officer of the University of Illinois Foundation, highlighted their belief in Paywatch’s ability to drive meaningful impact in Southeast Asia through innovative technology.
