Payd, a Malaysian fintech company specializing in earned wage access (EWA) solutions, has successfully raised a $400,000 seed extension round from A2D Ventures, Orbit Startups, and AngelSpark.

This investment will accelerate Payd’s mission to enhance the financial well-being of employees across Southeast Asia, Payd said in a statement on Monday.

Payd is a financial well-being platform operating in Malaysia and Thailand, that allows employees to receive a portion of their salary as they earn it.

By offering EWA, Payd aims to reduce financial stress among employees, leading to increased productivity and loyalty. The platform is used by over 100,000 employees.

For employers, Payd provides a tool to improve employee retention and satisfaction.

By offering on-demand access to earned wages, companies can create a more engaged and loyal workforce, leading to lower turnover and reduced recruitment costs.

Its solution gives employers a unique value proposition to attract and retain top talent.

In Malaysia, Payd has partnered with major employers such as McDonald’s, Starbucks, KyoChon, Banyan Tree, and Valiram, providing employees with greater financial flexibility.

Expanding into Thailand, Payd has already secured partnerships with Plan B Media, Ippudo Ramen, Salad Stop, Buzzebees, and Hello Bangkok Magazine, with ongoing expansion across sectors.

The company is also set to onboard new hospitality clients, including one of the world’s well-known hotel chains, and is extending its reach into the insurance sector with corporates as well.

“Joining Payd’s journey aligns with our commitment at A2D Ventures to backing solutions that transform industries and impact the lives of the underserved,

“We’re confident that Payd’s platform will make a lasting impact on employee financial well-being across Southeast Asia,” said Ankit Upadhyay, General Partner at A2D Ventures.

Nick Ponomarev, Senior Investment Analyst at Orbit Startups, said he believes that Payd’s fundamental value lies in its ability to bridge the gap and integrate an underserved demographic of the unbanked and underbanked population (a segment often overlooked by traditional financial institutions) into the broader financial system.

“With a growing trend of people transitioning into the middle class, Payd is uniquely positioned for growth, unlocking new opportunities to evolve into something bigger than an EWA platform, by bringing new financial services to a significant portion of the low and middle-class population,” he added.

Gaurav Dhar, founding board member of AngelSpark, said Payd is addressing a significant need in the growing gig economy with its EWA solution.

“Their early traction with established clients in Asia Pacific (APAC) is promising, and we believe they have the potential to capitalize on this momentum and expand into other fintech verticals,” he added.

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