# Paywatch Korea Co.

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/paywatch-korea-co

- Industry: Financial Services
- Headquarters: Seoul, South Korea
- Website: www.paywatch.co.kr
- Total disclosed funding: $20M
- Latest round: Series A (Jun 24, 2024)
- Investors on record: 7

## About

The company was founded in 2018, by brothers Richard Kim and Alex Kim, two former employee in financial institutions. In 2019, the company was selected by an incubator program Spark Labs. In 2021, the company launched Korea service via Hana Bank's Hana Card collaboration. In the same year, the company reached partnership with Hong Kong Ping An Digital Bank (PAOB). In June 2024, Paywatch Korea Co. Ltd. raised KRW 20 billion in series A funding led by existing investors Third Prime Capital and the University of Illinois Endowment. New investors Octagon Venture Partners and Wooshin Venture Capital.

The company operates as the only EWA service provider in Asia as of 2022, providing financial service to individuals with less connection to the financial network. Specifically, PayWatch provides employee who has limited access to financial services a link to major financial institutions, financial management consultancy, and visual banking. For employers, the product can enable instant pay to employees which can become an insentive.

The company will use the fundign in June 2024 to improve its services and expand its business in Southeast Asia.

## Funding rounds

- Series A, Jun 24, 2024, $14M — University of Illinois Endowment, Third Prime Capital, Wooshin Venture Capital, Octagon Venture Partners
- Seed, Jan 20, 2022, $5.2M — SparkLabs Accelerator, Third Prime Capital, CTK Investment, Won & Partners

## Investors

- SparkLabs Accelerator (https://capitalatlas.ai/funds/sparklabs-accelerator) — Seed
- Third Prime Capital (https://capitalatlas.ai/funds/third-prime-capital) — Seed, Series A
- CTK Investment (https://capitalatlas.ai/funds/ctk-investment) — Seed
- Won & Partners — Seed
- University of Illinois Endowment — Series A
- Wooshin Venture Capital (https://capitalatlas.ai/funds/wooshin-venture-capital) — Series A
- Octagon Venture Partners (https://capitalatlas.ai/funds/octagon-venture-partners) — Series A