Malaysia-based fintech company Payd has secured US$400k in a seed extension funding round from A2D Ventures, Orbit Startups, and AngelSpark. The company said in a statement on Monday that this investment will help Payd accelerate its aim to improve the financial well-being of employees throughout Southeast Asia.
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Payd is a financial well-being platform based in Malaysia and Thailand that enables employees to get a percentage of their salary as they earn it. Payd’s goal in giving EWA is to minimize employee financial stress and enhance productivity and loyalty. Approximately 100,000 employees use Payd.
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Payd offers organizations a tool to increase employee retention and happiness. Companies can increase employee engagement and loyalty by providing on-demand access to earned earnings, decreasing attrition and recruitment expenses. Its approach offers organizations a unique value proposition for attracting and retaining top people.
“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.
“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. Their early traction with established clients in Asia Pacific (APAC) is promising, and we believe they have the potential to capitalize on this momentum and expand into other fintech verticals,” Nick Ponomarev, Senior Investment Analyst at Orbit Startups, said.
About Payd
Founded in 2020, Payd is a financial wellbeing platform that allows your employees to receive a portion of their salary as they earn it. Via our app, employees are privy to a live view of their earnings and instantly access their earned salary as they need it. This allows them to better budget and to have the flexibility they deserve. By focusing on your financial awareness and flexibility, Payd enables you to drive your employee engagement, productivity and retention.
