Kula Lumpur, Malaysia – Financial wellbeing platform Payd has announced that it has raised USD 1.7 million (RM7.5 million) in a seed funding round to expand its Southeast Asian operations, fuelling the growth of the region’s financial tech market. The round was led by IFS Capital Limited, The Hive Southeast Asia, Delight Capital, and Antler.
Payd aims to build a mobile financial wellness platform for employees in Southeast Asia. In order to achieve this, the company plans to use the money it has set aside to promote its brand, expand its workforce in order to speed up product development, and introduce new products and services in the near future. Additionally, ‘angel investors’ participated in the funding round.
Commenting on the funding, Justin Kong, co-founder and CEO of Payd, shared, “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.”
To date, Payd has garnered over 20,000 employee sign-ups, and has witnessed an increase in enrollment rates of up to 25%. This mirrors the consistent success of the brand since its inception, Payd has been experiencing a growth of 120 to 180% month-on-month since July 2021, as more Malaysian businesses are now choosing to provide earned wage access (EWA) benefits to their employees.
Renchun Zeng, chief executive officer of IFS Capital Limited, said that they are excited for the opportunity to invest in Payd and deliver EWA solutions to the Southeast Asian market.
“Large and middle-market corporations can consider a well-structured EWA program as an integral pillar of the employee benefits framework. By empowering financial well-being of their employees, it can positively impact worker productivity, promote retention, and reduce absenteeism, resolving some of employers’ biggest pain points. This service is in line with IFS Capital’s goal of empowering businesses with access to capital through simple and affordable solutions,” Zeng said.