Financial Wellness Platform Payd Raises $1.7M in Seed Funding Led by IFS Capital
- The round was led by IFS Capital with participation from 1982 Ventures, The Hive Southeast Asia, a Dana Penjana Nasional program recipient, Delight Capital and Antler.
- Funds will be deployed for team expansion, brand building as well as launching more innovative products and services in the coming months.
Kuala Lumpur, Malaysia, April 27, 2022 /PRNewswire/ — Today, financial wellness platform Payd just announced that it has raised $1.7 million (RM7.5 million) as part of a seed funding round to expand its operations in Southeast Asia, fueling the region’s fintech market growth. The round was led by IFS Capital, with participation from 1982 Ventures, The Hive Southeast Asia, a Dana Penjana Nasional program recipient, Delight Capital and Antler.
Payd is on a mission to create the largest mobile financial wellness platform for employees, anywhere in the world. South East Asia.
To that end, it will deploy its funds toward brand strengthening, team expansion to accelerate product development, as well as launch more innovative products and services in the coming months. Wealthy angel investors also participated in the funding round.
To date, Payd has garnered over 20,000 employee registrations and seen enrollment rates increase by up to 25%. This reflects the consistent success of the brand since its inception, Payd has grown 120-180% month over month since July 2021as more and more Malaysian companies are now choosing to offer EWA benefits to their employees.
Commenting on funding, Payd co-founder and CEO justin kongmentioned: “This fundraising exercise is a watershed moment for Payd. We are grateful for the trust of our partners as we continue to build and launch Payd. In the long term, we hope to be a platform that eases the financial worries of the Malaysian workforce, helping to create better engagement between employers and employees.”
Founded in 2020, Payd is a growing, comprehensive Earned Wage Access (EWA) solutions provider. With this B2B2C platform, employers can now offer their employees the freedom to choose when to receive the money they’ve earned, increasing workplace engagement, which ultimately translates into retention rates. higher and better financial literacy.
Using a framework that easily integrates with any organization’s human resources (HR) and payroll system, employees will now be able to access up to 50% of their earnings whenever they need it. Companies that are currently partnered with Payd include Zecon, myTukar, and Tropicana.
“We are delighted to have the opportunity to invest in Payd and provide EWA solutions to the Southeast Asian market. Large and medium enterprises can consider a well-structured EWA program as an integral pillar of the framework. of employee benefits.Being their employees, this can have a positive impact on worker productivity, promote retention and reduce absenteeism, solving some of the biggest problems for employers.This service is in line with the purpose of IFS Capital to give companies access to capital through simple and affordable solutions.” said Renchun Zeng, managing director of IFS Capital Limited.
Disrupt the local wage market, reduce financial stress
Financial strain is a universal source of stress, and it’s the one that a majority of employees face. For Malaysia specifically, financial stress increased by 35% in 2021, with 65% of Malaysians believing it affected their performance at work, while 41% admitted it also affected their mental health. Moreover, the The ongoing COVID-19 endemic has led to other problems such as loss of jobs and sources of income for households. The nation also recorded the highest level of household debt in South East Asia and the second highest of all Asia.
In light of the alarming statistics above, Payd seeks to change and disrupt the wage market for the better, providing majestic solutions to Malaysian employees and employers in financial difficulty. On-demand, fast and easy, the B2B platform gives employees the freedom to see their earnings and choose when to get paid, without having to wait for payday.
“Access to earned wages has become increasingly fashionable in a number of industries. Among the many factors driving this growth are falling household incomes and rising inflation. The recent pandemic has only amplified the need for financial freedom.said Darvesh Daswani, co-founder of Payd.
Payd remains zero cost to businesses while charging only minimal withdrawal fees. Offering a fully integrated solution to businesses, Payd seeks to change the lives of over 14.4 million people within the Malaysian workforce. To learn more about Payd, please visit https://justpayd.com/
Founded in 2020, by justin kong and Darvesh Daswani, Payd is a B2B platform that allows employers to offer their employees the benefit of access to earned wages. This allows employees to receive a portion of their salary as they earn it without the hassle of asking for payday advances, borrowing from family and friends or going through payday lenders . With Payd, employees can access up to 50% of their earnings when they need it. With Payd’s technology solution, anyone with a smartphone can access short-term financing whenever they need it. Its future roadmap includes savings products, financial literacy tools.