Paywatch, an Earned wage access (EWA) service provider, has raised US$ 5.25 million in a seed funding round led by US venture capital firm Third Prime and prominent family offices in Singapore and Hong Kong.
“A predictable and healthy financial lifestyle plays a big role in ensuring workers’ happiness and mental health, but achieving it is only possible when workers can deal with unexpected financial burdens. Paywatch aims to promote financial inclusion by helping workers achieve financial security and gain financial access to major banks. For companies, our flexible payroll system has made them more competitive in attracting talent and increased retention in the face of the ‘great resignation’,” said Richard Kim, Founder and CEO at Paywatch.
Operating in South Korea, Malaysia and Hong Kong, the company plans to use the fresh funds to further grow its presence in existing markets, as well as accelerate expansion efforts into new Southeast Asian markets, including Indonesia and the Philippines.
Announcement: Paywatch Raises $5.25M for Earned Wage Access