Earned-wage access company Paywatch, located in Malaysia, said that Third Prime led a pre-series A round in which it raised US $9 million.
Hana Ventures, Parkwood Corp., the University of Illinois Foundation, and Vanderbilt University all contributed endowments to the round. Other participants were Hana Ventures and Parkwood Corp.
Paywatch, a 2020 startup, offers services for accessing earned wages that are supported by significant financial institutions and central banks. Malaysia and South Korea are the current operating countries.
The business claimed to have more than 100 corporate clients, among them KFC, Pizza Hut, TGI Fridays, and Outback Steakhouse.
In 2023, the startup expects to launch in Hong Kong and the Philippines, among other new markets and will use the additional funding to broaden its product offerings, strengthen its position in current markets, and expand internationally.
“Its early success is addressing wage-related issues and is also uniquely positioned to scale product and market expansion in a way that drives broader financial inclusion,” said Travis Shore, a chief investment officer of the University of Illinois Foundation.