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Mr Phua said in July that the company started monetising the app by charging a small fee for people to send requests to start chats with other users who have not liked their profile.He had also said that more payable features were also in the pipeline.
Known as Tinder Plus, the new premium service has subscription fees varying by age and country.
Launched in November 2013, Love Out Loud Asia (LOLA), takes what it calls an "activity-based approach" based on date ideas.
As of October last year, the app claims to have successfully matched more than 10,000 singles to date, the Business Times reported.
Critics have quickly swiped left to Tinder's new tiered plan, with the tech blog Endgadget panning the pricing scale and calling it “sleazy.” Tinder itself has defended the move.
Spokesman Rosette Pambakian in a statement to AFP said the premium charges are not unlike those imposed by other web services.
While Paktor only launched in April 2013, it attracted about 40,000 users from Singapore alone within the first two weeks, Mr Joseph Phua, one of the app's co-founders told Business Times.
As of October last year, the app boasted a seven-figure membership base, he told The Straits Times.
Under the premium version, unlimited “likes" will no longer be free.
Users will also have to shell out for features that previously let them undo swipes and connect with people in different locations.
The popular dating app Tinder on Monday started charging for premium features but the move has been criticised for making older users pay more, AFP reported.
The app allows smartphone users to find partners based on their vicinity and age range by swiping to “like” potential matches.
In the United States, users under 30 will pay US.99 (S.62) a month and older subscribers US.99.