Malaysia-Based Payd Eyes Southeast Asia Expansion After $400K Funding Round

Payd, a fintech company based in Malaysia, has raised $400,000 in a seed extension funding round to further its earned wage access (EWA) solutions. The round was led by A2D Ventures, with Orbit Startups and AngelSpark participation. 

The funding will enable Payd to expand its regional presence, supporting its mission to provide more flexible and accessible financial solutions for workers. With this strategic backing, the company aims to improve Southeast Asian employees’ financial security.

Payd’s platform alleviates financial stress for employees by allowing them to access a portion of their earned wages before payday. This helps users manage expenses and avoid the high interest rates associated with loans. The service aims to increase employee productivity, satisfaction, and loyalty while also enhancing financial well-being. With over 100,000 employees already using the platform, Payd is improving the financial landscape for workers.

In Thailand, Payd has partnered with Buzzebees, Hello Bangkok Magazine, Ippudo Ramen, Salad Stop, and Plan B Media, strengthening its presence in the market. Meanwhile, in Malaysia, the company has collaborated with Banyan Tree, Valiram, KyoChon, Starbucks, and McDonald’s to offer employees greater financial flexibility. As Payd continues to grow, it is also expanding into the hospitality and insurance sectors, with more developments on the horizon.

This funding round is expected to help Payd continue its expansion across Southeast Asia. The company plans to onboard more high-profile clients, including a global hotel chain. The company is also looking to broaden its services beyond EWA, focusing on addressing the needs of the unbanked and underbanked populations. As a growing segment transitions into the middle class, Payd plans to capitalize on this shift and offer additional financial services.

According to Nick Ponomarev, Senior Investment Analyst at Orbit Startups, Payd’s ability to bridge the gap for unbanked individuals is key to its long-term growth. By integrating this underserved demographic into the broader financial system, Payd has the potential to evolve into more than just an EWA platform. This aligns with the company’s vision to offer new financial services to a portion of the low—and middle-class population in Southeast Asia.

Payd’s platform offers significant value to employers by improving retention rates and employee satisfaction. By providing employees with on-demand access to earned wages, businesses can foster a more engaged and loyal workforce, ultimately reducing turnover and recruitment expenses. This unique offering helps companies attract top talent in a highly competitive job market. With its strategic partnerships and continuous expansion, Payd is set to reshape how financial well-being is managed for employees across Southeast Asia.

Gaurav Dhar, a founding board member of AngelSpark, highlighted that Payd’s earned wage access (EWA) solution addresses a critical need in the rapidly growing gig economy. He noted that the company’s early success with established clients in the Asia Pacific region demonstrates strong potential for future growth. With this momentum, Payd is poised to expand into other fintech sectors, further capitalizing on the evolving financial landscape.

Founded in 2020, Payd plans to use the newly raised funds to enhance its presence in Southeast Asia and forge additional strategic partnerships. The company’s platform, already operating in Malaysia and Thailand, allows employees to access a portion of their earned salary in real-time, providing them greater financial flexibility and better budgeting capabilities. This approach has helped Payd establish itself as a key player in the financial well-being sector. Payd has raised approximately RM9.3 million, following its RM7.5 million seed round in April 2022.