Thai Salary Hero Raises $2.8M from Global Founders Capital, 500 TukTuks and M Venture Partners

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Salary Hero, a Thailand-based financial wellness platform, announced Wednesday that it has raised $2.8 million in funding.

Participation in the round included Global Founders Capital, M Venture Partners (MVP), 500 TukTuks, 1982 Ventures, Titan Capital and several top Thai companies and angel investors, Salary Hero said in a statement.

The company said it would use the capital injection to continue to build its customer success team to support its growing customer base and expand its range of high-impact neo-banking products.

“The reception of Access to Earned Wages (EWA) has been incredibly strong among Thai businesses. Thai business owners and senior managers really care about the well-being of their employees. Salary Hero helps businesses expand access to essential financial services among their employees,” said Prabhav Rakhra, co-founder of Salary Hero.

Through its earned wage access services and soon-to-be-launched neo-banking products, Salary Hero offers workers an alternative to expensive payday loans, helping them absorb unexpected expenses that arise between paychecks. Salary Hero integrates and works directly with employers to provide access to earned pay and financial wellness products, such as financial education.

The company was co-founded by Bain Bangkok executives Jonathan Nohr and Prabhav Rakhra. Both former Credit Suisse and Barclays bankers, they identified an opportunity to use technology to serve low-income Thai workers, who are often overlooked by financial institutions. They are joined by Tep Neeranatpuree, former head of enterprise sales at Lalamove, and Thanakij Pechprasarn, former chief technology officer at ed-tech company Gantik, to scale Thailand’s leading financial wellness platform.

“We are empowering every Thai employer to be a hero when it comes to driving financial inclusion for their employees without disrupting their business. This round of funding allows us to double down on that mission and focus on the launch of higher-impact financial products,” said Jonathan Nohr, co-founder of Salary Hero.

According to the release, Salary Hero is growing rapidly, seeing double-digit user growth week-over-week in 2022 with customers in manufacturing, logistics, hospitality and retail. The company is on track to reach 100,000 users by 2023.

“We are proud to support Salary Hero, supporting their innovative solution allowing employers to differentiate themselves in an increasingly competitive job market. The future of payroll is one where we say goodbye to traditional payroll cycles. Salary Hero empowers workers and, at the same time, solves immediate challenges for employers – driving the retention, recruitment and productivity of their workforce,” said Mayank Parekh, CEO of M Ventures Partner (MVP) .

Ratavud Panichewa, CEO of Hertz Thailand (Paragon Car Rental Co., Ltd), said, “At Hertz, our priority is our people. Salary Hero allows us to support our employees by providing early access to earned salaries without impacting our business practices. Salary Hero allows us to help our team achieve financial stability and avoid predatory lending and debt traps. Salary Hero is well aligned with our values ​​and our environmental, social and governance (ESG) strategy with talent retention as a key objective.

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