Paywatch, an earned-wage access (EWA) service provider, has emerged as the only Malaysian fintech to have earned a spot on Forbes Asia’s 100 to Watch 2024 list.
Now in its third year, this list highlights emerging small companies and startups across the Asia-Pacific region that have piqued investors’ interest with their innovation and potential for growth.
Paywatch’s platform allows employees to access their earned wages in real time, aimed at reducing reliance on high-interest loans and improving financial stability.
In June of this year, Paywatch had secured US$30 million (approximately RM141 million) in funding.
This comprised US$14 million in equity and US$16 million in loans from Third Prime and a group of US investors.
Additionally, Paywatch was named the top Environmental, Social, and Governance (ESG) startup at the 2023 Fintech Frontiers Awards by Fintech News Malaysia.
Founded by brothers Richard and Alex Kim, Paywatch has processed over US$58 million (approximately RM273 million) in salaries to date, with monthly disbursements nearing US$8 million (around RM37 million).
The company anticipates surpassing US$120 million (more than RM518 million) in disbursed salaries by the end of the year.
Since its establishment in 2020, Paywatch has expanded into four markets: Malaysia, the Philippines, Indonesia, and South Korea.
Featured image credit: Edited from Freepik
