Payd, a Malaysian earned wage access solution provider, announced that it has raised US$1.7 million (RM7.5 million) in a seed funding round led by IFS Capital.
The round also received participation from 1982 Ventures and The Hive Southeast Asia, a recipient of the Dana Penjana Nasional programme, as well as a few angel investors. Payd said that it will use the new funds to expand its Southeast Asian operations.
This includes brand building, team expansion to accelerate product development, as well as the launch of more products and services in the coming months. Founded in 2020, Payd is an earned wage access (EWA) solution provider that enables employees to access up to 50% of their income whenever they need it. To date, Payd said that it has garnered over 20,000 employee sign ups, and has witnessed an increase in enrollment rates of up to 25%.
Justin Kong, Co-founder and CEO of Payd said, “This funding exercise is a watershed moment for Payd. We are grateful for our partners’ trust and confidence as we continue to build and launch Payd. In the long run, we hope to be a platform that eases the financial worries of the Malaysian workforce, helping build a better engagement between employers and employees.”
Darvesh Daswani, Co-founder of Payd said, “The access to earned wage has become increasingly trendy across a number of industries. Among the many factors driving this growth includes the lowering of household incomes and the rise of inflation. The recent pandemic only amplified the need for financial freedom.”
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