PayWatch Secures US$30 Million Funding From Mix Of Investors
Summary
In addition to equity, Paywatch secured $16 million (around RM75 million) in credit facilities from global banks, including Citi and other major financial institutions, to fuel its product expansion initiatives.Founded with a mission to provide debt-free EWA solutions, Paywatch enables employees to access a portion of their earned salaries in real-time before the end of their payroll cycle. This innovative service has significantly reduced employees reliance on loans, alleviated household debt burdens, and boosted financial management capabilities. The companys expansion plans include leveraging its robust digital infrastructure to introduce new financial inclusion tools and services. Paywatch currently operates in Malaysia, Philippines, Indonesia, and South Korea, and aims to further broaden its footprint across the region.The investment from US-based institutions like Vanderbilt University and University of Illinois Foundation underscores Paywatchs global appeal and its pivotal role in advancing financial inclusion across diverse markets. Travis Shore, Chief Investment Officer of the University of Illinois Foundation, highlighted their belief in Paywatchs ability to drive meaningful impact in Southeast Asia through innovative technology.