Salary Hero, a Startup Partnering with Large Enterprises to Provide Earned Wage Access and Financial Literacy, Raises $2.8 Million
Salary Hero collaborates with large enterprises to develop solutions that allow employees to access their wages before payday through Earned Wage Access (EWA) while also promoting financial literacy. The startup aims to offer an alternative to high-interest loans.
Founded in 2021 by former executives of Bain & Company in Bangkok, Salary Hero set a goal to reach over 100,000 users by 2023.
The financial wellness platform for employees, Salary Hero, has announced a $2.8 million fundraising round (equivalent to over 100 million THB) from prominent regional funds, including Global Founders Capital, M Venture Partners (MVP), 500 TukTuks, 1982 Ventures, Titan Capital, and leading Thai investors, both angels and large corporations.
With two main solutions—Earned Wage Access and Neo Banking—Salary Hero provides employees with financial alternatives beyond traditional loans, especially during urgent situations before payday. The startup works directly with employers to integrate this new option into employee benefits, making financial education more accessible to all workers.
Salary Hero was co-founded by Jonathan Nohr and Prabhav Rakhra, former Bain & Company executives and finance professionals from Credit Suisse and Barclays. They recognized the opportunity to develop financial technology solutions for low- to middle-income workers, a group often overlooked by financial institutions despite their financial struggles. The founding team also includes Tep Neeranatpuree, former corporate sales manager at Lalamove, and Thanakij Pechprasarn, former CTO of Gantik, an EdTech startup.
Salary Hero is experiencing rapid growth, with its user base expanding at a double-digit rate every week in 2022. The company has gained customers across multiple industries, including manufacturing, logistics, hospitality, and retail.
“The reception of our Earned Wage Access service has been highly positive among companies in Thailand. Employers and executives prioritize the well-being of their workforce, and Salary Hero enables them to provide essential financial services to their employees,” said Prabhav Rakhra, co-founder of Salary Hero.
Ratavud Panichewa, Chairman of Hertz Thailand (Paragon Car Rental Co., Ltd.), stated, “At Hertz, our employees are our top priority. Salary Hero allows us to support our employees by enabling early wage access without disrupting business operations.”
“Salary Hero has helped us enhance our employees’ financial security and mitigate risks associated with informal lending and debt traps. Their solutions align with our ESG strategy and corporate management approach, which focuses on talent retention,” said another business leader.
Jonathan Nohr, co-founder of Salary Hero, added, “We aim to empower Thai employers to be heroes in providing financial access to their employees without affecting business operations. This funding round reinforces our vision and enables us to develop financial services that create widespread benefits.”
“The future of payroll is one where we say goodbye to traditional pay cycles. Salary Hero empowers workers while addressing immediate challenges for employers—enhancing retention, recruitment, and workforce productivity.”
Funds to Expand Customer Support and Services
Mayank Parekh, Chairman of M Venture Partners (MVP), further commented, “We are proud to support Salary Hero in driving innovation that helps employers differentiate themselves in a competitive job market. The future of payroll is moving beyond the traditional once-a-month pay cycle. Salary Hero empowers employees while solving key employer challenges in retention, hiring, and workforce efficiency.”
With the newly raised funds, Salary Hero plans to expand its customer service team to support its growing user base and scale its services, including the development of Neo Banking financial products.
Credit: Techsauce
