Fintech startup Paywatch raises US$5.3m seed round

FINTECH startup Paywatch has raised a US$5.3 million seed round led by Third Prime, and family offices in Singapore and Malaysia.

Paywatch is an earned wage access startup that provides workers access to their earned wages before payday. Workers can withdraw part of their wages before payday, and receive the remaining amount on their payday. Earned wage access companies earn from employees via transaction fees per withdrawal.

Currently Paywatch is available in Malaysia and South Korea, where the founders Richard and Alex Kim are based. Paywatch has partnered banks such as Hong Leong Bank in Malaysia and Hana Bank in South Korea to provide workers access to their earned wages.

Funds will be used to expand into new South-east Asian markets such as Indonesia and the Philippines while also growing Paywatch's presence in existing markets.

"We see an enormous opportunity for Paywatch to use this model to democratise access to capital throughout Asia," said Michael Kim, partner at Third Prime.

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