Investor interest grows in ‘on-demand salary‘ apps; rising rates, regulation may cap enthusiasm
One observer likens sentiment to the early days of the buy now, pay later boom
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Yong Hui Ting &
Sharanya Pillai
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VENTURE investors show growing interest in South-east Asia’s young crop of fintechs offering instant access to wages ahead of payday. But the sector, often referred to as Earned Wage Access (EWA), could come under pressure amid rising rates and potential regulation.
On Wednesday (Aug 3), Vietnamese EWA startup Nano raised US$6.4 million in a pre-Series A equity round led by returning investor Openspace Ventures.
A slew of new investors joined the round, including KVision, an investment unit of Thailand’s Kasikornbank, as well as Partech Partners, Tekton Ventures, IT Farma and Sketchnote Partners.
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