Malaysian FinTech Payd scores $1.7m

Malaysia-based financial wellbeing platform Payd has reportedly bagged $1.7m for its seed round, which will help it grow its Southeast Asian operations.

IFS Capital served as the lead backer, with participation also coming from 1982 Ventures and The Hive Southeast Asia, according to a report from Business Today. Funds also came from unnamed angel backers.

This funding will help Payd build its branding, expand its team and accelerate its product development efforts. Capital will also go towards the launch of new products and services in the coming months.

Founded in 2020, Payd aims to empower financial wellbeing for employees. Its mobile app lets a user get early access to a portion of their salary as they earn it.

Its “all-in-one” mobile employee financial wellbeing platform also gives users budgeting tools to better manage their finances, insights to track their activities and guides to improve financial wellbeing.

Payd co-founder and CEO Justin Kong told Business Today, “This funding exercise is a watershed moment for Payd. We are grateful for our partners’ trust and confidence as we continue to build and launch Payd.

“In the long run, we hope to be a platform that eases the financial worries of the Malaysian workforce, helping build a better engagement between employers and employees.”

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