Paywatch, an earned-wage access (EWA) service provider in Southeast Asia, has recently secured US$30 million in funding through a combination of equity and credit facilities. This funding round is the largest ever raised by an EWA provider in the region. Paywatch received over US$14 million in Series A equity investment led by Third Prime, along with a consortium of US investors. Additionally, the company secured US$16 million in credit facilities from global banks, including Citi. The funding mix provides Paywatch with the flexibility to accelerate its growth plans. The equity investment will enhance the company's financial stability and support strategic initiatives, while the credit facilities will directly contribute to product expansion and operational scaling.
The Series A equity investment was led by Third Prime, Vanderbilt University, and the University of Illinois Foundation. These investors were attracted by Paywatch's potential to revolutionize financial inclusion in Southeast Asia. Paywatch aims to leverage its position as the largest EWA service in Asia, based on transaction volume, to further penetrate the market and increase user adoption. The company expects to disburse over US$120 million in salaries by the end of the year. Paywatch's expansion plans include entering new markets, developing more financially inclusive tools, and enhancing its current product offerings. The company aligns with Malaysia's National Financial Inclusion Strategy and the Malaysia Digital Economy Blueprint, supporting the government's efforts to reduce income disparity and promote financial resilience.
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