GetPaid, a fast-growing pioneer in workplace financial wellness solutions, has closed a $1.15 million funding round led by Grover Pay, according to a company announcement.
As a result of this funding, the company said it will be able to scale and expand its Earned Wage Access (EWA) offering across Southeast Asia.
EWA is a financial wellness solution that allows employees to access salaries they’ve earned but haven’t received yet. Because it is not a loan, there are no payback terms, interest rates, or late fees.
Essentially, an employee pays a transaction fee to access their earned money. The funding comes amid increased investor interest and support in the EWA industry, as well as a pandemic-fueled desire for stronger financial wellness solutions in the workplace.
GetPaid Founder and CEO Mitchell Goh said they are delighted to have strategic investors GroverPay and Nito Infotech Services onboard.
“We share a common goal with both, and they are like-minded in our mission to deliver services that will drive financial inclusion of underserved employees around the region. With their support and developed networks, we are excited to be partnering with them and growing together,” Goh added.
GroverPay’s CEO, Krishan Grover, said they are delighted to work with GetPaid as they expand their portfolio of financial inclusion products and services.
Grover added that partnering and investing in GetPaid allowed them to accelerate their growth across the region using their reach and technology, as well as the expertise and experience of GetPaid Asia’s team led by Mitchell Goh, the CEO, and founder.
Naveen Kumar, Chairman of GroverPay, said they are elated to have GetPaid in their portfolio, which will enable them to grow in the region utilizing their next-generation technology and market reach.
Kumar added that the investment in GetPaid allows them to expand their gamut of services in a very important segment as part of their growth strategy and it allows their internal goal of having one of the areas of focus on financial inclusion.