Salary Hero, a Thailand-based financial wellbeing platform, today announced it has raised US$2.8 million (THB100 million) in funding.
Global Founders Capital, M Venture Partners (MVP), 500 TukTuks, 1982 Ventures, Titan Capital, and multiple “high-profile” Thai corporates and angel investors also participated in the funding round.
In a statement, the company said that it will use the capital injection to continue building its customer success team to support its growing client base and expand its suite of high impact neo banking products.
Jonathan Nohr, co-founder of Salary Hero, stated, “We empower every Thai employer to be a hero when it comes to driving financial inclusion of their employees without disrupting their business. This round of funding allows us to double down on that mission and focus on launching more high impact financial products.”
Salary Hero integrates and works directly with employers to provide earned wage access and financial wellness products, such as financial education. Through its Earned Wage Access services, the platform provides workers with an alternative to expensive payday loans, helping them absorb unforeseen expenses that occur between paychecks.
Also Read: Rising above the competition in the EWA landscape
Salary Hero was co-founded in late 2021 by Bain Bangkok executives Jonathan Nohr and Prabhav Rakhra. As former bankers at Credit Suisse and Barclays, they identified an opportunity to use technology to service lower-income Thai workers, who are often overlooked by financial institutions.
The co-founders are joined by Tep Neeranatpuree, former head of corporate sales at Lalamove, and Thanakij Pechprasarn, former CTO of edutech company Gantik, to scale Thailand’s leading financial wellness platform.
The company said that it is on track to reach 100,000 users by 2023, seeing double-digit week-on-week user growth in 2022 with clients across manufacturing, logistics, hospitality and retail industries.
Its clients included leading car rental company Hertz.
In the region, startups that are providing similar services included wagely, Paywatch, and GajiGesa.
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