Payd Secures $400K Investment to Expand Earned Wage Access Services in Malaysia and Thailand
Payd, a leading Malaysian FinTech company specializing in earned wage access (EWA), has recently announced the successful completion of a $400,000 seed extension funding round. This investment, aimed at accelerating Payd’s growth across Southeast Asia, was spearheaded by notable investors such as A2D Ventures, Orbit Startups, and AngelSpark.
What is Earned Wage Access?
Earned Wage Access (EWA) allows employees to access a portion of their earned wages before the official payday. This innovative financial solution significantly reduces financial stress and the dependence on high-interest loans.
Benefits of Payd’s Platform
- Financial Flexibility: Employees can withdraw a part of their salary at any time, improving their financial stability.
- Employee Engagement: By offering financial solutions, companies can enhance employee satisfaction and retention.
- Cost Savings: Organizations can lower recruitment costs by maintaining a more stable workforce.
Current Adoption and Partnerships
Payd’s platform is already making waves, having been adopted by over 100,000 employees across various industries. With the new funding, Payd plans to expand its services in Malaysia and Thailand, while also forming new partnerships with major employers.
Key Partnerships in Malaysia
In Malaysia, Payd has successfully collaborated with numerous prominent employers, including:
- McDonald’s
- Starbucks
- KyoChon
- Banyan Tree
- Valiram
Expansion in Thailand
In Thailand, Payd is establishing partnerships with notable companies such as:
- Plan B Media
- Ippudo Ramen
- Salad Stop
- Buzzebees
- Hello Bangkok Magazine
Investor Insights
Comments from investors highlight Payd’s significant impact on financial inclusion. Ankit Upadhyay, General Partner at A2D Ventures, stated, “Joining Payd’s journey aligns with our commitment to backing solutions that transform industries and impact the lives of the underserved.” He emphasized the lasting impact Payd could have on employee financial well-being throughout Southeast Asia.
Nick Ponomarev, Senior Investment Analyst at Orbit Startups, added, “Payd is uniquely positioned for growth by integrating the unbanked and underbanked population into the broader financial system.” This positions Payd to evolve beyond an EWA platform, potentially introducing new financial services to the low and middle-class population.
For more information about earned wage access and its benefits, you can visit FinTech Finance.
To learn more about Payd’s services and partnerships, check out their official website.
