Alongside the earned wage access (EWA) service provider Paywatch and equity crowdfunding platform (ECF) pitchIN, two other startups were chosen in the process, the streaming service called Durioo+ and the B2B ecommerce marketplace Lapasar.
The Gobi SSII Fund raised a sum of USD 10 million to target early-stage Malaysian startup companies. After its launch in 2020, the company raised and invested in other four local small companies, in order to offer them the suite of services and products required for their growth.
Pan-Asian venture capital firm Gobi Partners offers customers, clients, and entrepreneurs the services and solutions needed for their development, from early to growth stages, focusing on emerging and underserving markets.
The company’s aim is to align strategies and operations while respecting the principles based on labor, human rights, environment, and anti-corruption, offering businesses the possibility to improve their overall experience and plan of action.
This financing round follows a series of other numerous ones that happened in 2022, across Hong Kong, Pakistan, and Southeast Asia. Alongside this initiative is the creation of GobiCares at the end of the same year. GobiCares represents a charity and community outreach that was designed to offer services, products, and solutions to local communities, such as the Doctors Without Borders (MSF) medical response in the Sindh Province. The aim of the launch was to enable those small companies to take further steps in their development journey.
Malayesian-based WA service provider Paywatch provides its clients with solutions that offers them the ability to bridge cash flow gaps between paychecks. Furthermore, the company enables employees to access their earnings instantly, rather than waiting until payday. Its collaborations with multiple banks provide customers with the necessary tools to improve their financial balance and well-being while improving their retention and productivity.
Following this process, an employee that wants to access their money instantly can withdraw their sum before payday, while the bank partner of Paywatch provides them with the financing details. All the process is based on how much work the employee has completed to the specific date.
After the employee has accumulated work hours and monitored their earnings (converted from the workdays), they can withdraw the obtained money at any time, receiving the remaining salary on payday.
By offering clients and workers financial access and financial education services, the company provides them with the necessary tools to avoid high-cost predatory lending practices, as well as to avoid the risk of becoming indebted. This process allows them to improve their financial status and overall balance.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now