SINGAPORE, Jan. 14, 2022 /PRNewswire/ — GetPaid, a fast-growing leader of workplace financial wellness solutions, today announced that it has completed a USD 1.15 million financing round. This investment will enable GetPaid to scale and expand its Earned Wage Access (EWA) product across Southeast Asia. The round, which will close in the first quarter of 2022, was led by Grover Pay.
EWA is a financial wellness solution that enables employees to access wages that they have earned but not yet received. It is not a loan and therefore does not have any repayment time frames, interest charges or late fees. Just a transaction fee that the employee pays if they want to access their earned wages. The fundraising comes amidst a pandemic-fueled demand for greater financial wellness solutions in the workplace, and growing investor interest and support in the EWA space.
"We are delighted to have strategic investors GroverPay and Nityo 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’re excited to be partnering with them and growing together," said GetPaid Founder and CEO Mitchell Goh.
"We are delighted to work with GetPaid as we expand our portfolio of products and services for financial inclusion. Partnering and investing in GetPaid allows us to accelerate our growth across the region using our reach and technology and expertise and experience of GetPaid Asia team led by Mitchell Goh, their dynamic CEO and founder." – Krishan Grover, CEO of GroverPay.
"The investment in GetPaid allows us to expand our gamut of services in a very important segment as a part of our growth strategy and it allows our internal goal of having one of the areas of focus on financial inclusion. We are elated to have GetPaid in our portfolio which will enable us to grow in the region utilizing our next generation technology and our market reach." – Naveen Kumar , Chairman of GroverPay.
About GroverPay :
GroverPay is an alternative lending platform committed to supporting small and medium-sized enterprises (SMEs) by providing fast, accessible, and hassle-free credit. The company is focused on delivering the best loan solutions to help businesses grow and transform. Thanks to the cutting-edge technology, GroverPay makes lending for SMEs in Singapore a lot easier and faster.
About Nityo Infotech:
Nityo Infotech is an US headquartered and APAC focused Digital Solutions & IT Services company. Nityo is present in 37 countries powered by 17,500+ employees. 3000+ global enterprises trust Nityo to deliver various Digital transformation projects. Nityo recently concluded a USD 100 million series C investment in MatchMove, a global digital payments company.