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PayWatch Raises $30M to Expand Earned-Wage Access Services in Asia

PayWatch secures $30M to revolutionize earned-wage access across Asia, backed by global investors
June 25, 2024

PayWatch, Asia’s premier provider of earned-wage access (EWA) services, has secured a significant $30 million funding round aimed at accelerating its growth. This investment, the largest ever for an EWA firm in Southeast Asia, combines equity and credit facilities to bolster its innovative financial solutions.

PayWatch’s Series A funding round, totaling over $14 million, was led by Third Prime alongside a consortium of distinguished US investors, including Vanderbilt University and University of Illinois Foundation. Additional support from Octagon Venture Partners and Wooshin Venture Investment Corp underscores confidence in PayWatch's pioneering approach to EWA.

Founded on the mission to offer debt-free EWA options, PayWatch allows employees to access earned salaries before the traditional pay cycle ends, reducing reliance on loans and enhancing financial management. This model has not only alleviated household debt but also boosted employee retention and productivity across various sectors.

The $30 million investment includes $16 million in credit facilities from global financial institutions like Citi, aimed at fueling PayWatch’s product expansion initiatives. With over $58 million in processed salaries to date, PayWatch anticipates doubling this figure by year-end, supported by its robust digital infrastructure.

Operating in Malaysia, Philippines, Indonesia, and South Korea, PayWatch plans to broaden its regional footprint by introducing new financial inclusion tools and services. This expansion underscores its commitment to advancing financial accessibility across diverse markets.

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