Paywatch, a Kuala Lumpur-based startup that provides earned wage access (EWA) services, has raised $20 million in a Series A funding round led by new investors South Korea’s Kakao Pay and Malaysia’s Artem Ventures, according to a statement.
The fresh capital brings Paywatch’s total funding to over $50 million, once existing credit facilities from global banks are included. The new round follows an earlier Series A tranche backed by US investors such as Third Prime, the University of Illinois Foundation, and Vanderbilt University, announced in June 2024.
The funding comprises a mix of credit and equity, totalling $30 million, of which $14 million is equity funding.
Paywatch plans to use the funds to evolve its EWA service into a broader financial wellness platform for employers and workers across Southeast Asia. It is preparing to expand its offering to micro insurance, cross-border payments, and rewards, supported by new AI-driven infrastructure and upgraded payments capabilities.
“We’re excited to welcome both Kakao Pay and Artem Ventures into the Paywatch family. Together, we’re building bridges between markets, technology, and people – enabling companies to empower their employees with real financial freedom,” said Alex Kim, co-founder and president of Paywatch.
He continued, “These strategic investors bring not just capital, but deep ecosystem synergies and experience across insurance, payments, and financial technology that will accelerate Paywatch’s growth as a comprehensive financial wellness solution provider across Southeast Asia.”
As a strategic partner, Kakao Pay will work with Paywatch to co-create financial solutions for enterprise clients in both Southeast Asia and South Korea. Artem Ventures invested via the TIM Ventures Fund, which is backed by FWD Group.
Founded in 2020 by brothers Alex and Richard Kim, Paywatch enables workers to access wages they have already earned, helping reduce reliance on costly short-term loans. The company collaborates with the UNCDF and the International Labour Organisation to ensure responsible implementation of EWA services.
Paywatch now operates in Malaysia, Singapore, the Philippines, Indonesia, Hong Kong, and South Korea. The platform has processed more than $200 million in transactions and works with employers including Lotte Group, Genting Group, DFI Retail Group (Guardian), Wilmar, Shangri-La Hotels, A&W, Lotus’s (CP Group), and Shake Shack.
Alex Kim said the new investors bring strategic advantages across payments, insurance, and technology that will support Paywatch’s ambition to grow into a full-scale financial wellness provider in the region.
Artem Ventures managing partner Low Zhen Hui added that Paywatch has shown the capacity to scale across markets while delivering meaningful social impact.
“This is a rare example of a homegrown Malaysian fintech that combines meaningful financial inclusion with the operational and technological strength to serve top-tier clients. We’re excited to support Paywatch as it continues to lead and redefine the financial wellness landscape for employees across the region,” Hui added.
