Malaysia’s Payd raised $400K Seed extension funding from A2D Ventures, others

Payd, a fintech company based in Malaysia that specializes in earned wage access (EWA) solutions, has raised $400,000 in a seed extension round from AngelSpark, Orbit Startups, and A2D Ventures.

According to a statement released by Payd on Monday, this investment will expedite the company’s objective to improve the financial security of workers throughout Southeast Asia.

Employees can receive a portion of their salary as they earn it through Payd, a platform for financial well-being that operates in Malaysia and Thailand.

By providing EWA, Payd hopes to lessen employees’ financial strain, which will boost loyalty and productivity. More than one hundred thousand workers use the platform.

Payd gives employers a tool to increase employee satisfaction and retention.

Businesses can foster a more engaged and devoted workforce, which lowers turnover and recruitment expenses, by providing on-demand access to earned wages.

Employers have a distinctive value proposition to draw in and keep top talent thanks to its solution.

Payd has partnered with major employers in Malaysia, including Banyan Tree, Starbucks, KyoChon, McDonald’s, and Valiram, to give workers more financial flexibility.

In its ongoing cross-sector expansion into Thailand, Payd has already forged alliances with Plan B Media, Ippudo Ramen, Salad Stop, Buzzebees, and Hello Bangkok Magazine.

Along with expanding into the insurance market with corporates, the company plans to onboard new hospitality clients, including one of the most well-known hotel chains in the world.

“Joining Payd’s journey aligns with our commitment at A2D Ventures to backing solutions that transform industries and impact the lives of the underserved,

“We’re confident that Payd’s platform will make a lasting impact on employee financial well-being across Southeast Asia,” said Ankit Upadhyay, General Partner at A2D Ventures.

According to Nick Ponomarev, Senior Investment Analyst at Orbit Startups, Payd’s core value is in its capacity to close the gap and incorporate the underbanked and unbanked population—a group that traditional financial institutions frequently ignore—into the larger financial system.

“With a growing trend of people transitioning into the middle class, Payd is uniquely positioned for growth, unlocking new opportunities to evolve into something bigger than an EWA platform, by bringing new financial services to a significant portion of the low and middle-class population,” he added.