Refyne, which says it is India’s first and largest earned wage access (EWA) platform, has announced the closing of its $82 million (Rs 607 crore) Series B round led by Tiger Global, with significant contribution from existing international investors - QED Investors, partners of DST Global, Jigsaw VC, XYZ Capital, and RTP Global - and new investor Digital Horizon.
Within just 10 months of being operational, Refyne has raised a total of $106 million.
The funds will be used for product development, expansion of the team, and to ramp up various business functions.
Refyne, founded by Chitresh Sharma and Apoorv Kumar, partners with employers to enable their employees to access a portion of their accrued but unpaid salary any time before payday. The company has partnered with more than 150 organisations, catering to over 700,000 employees. It expects to reach more than 3 million employees in 12 months.
Sharma, co-founder, Refyne, said, “We built Refyne on the notion that everyone should be able to manage their personal finances without the threat of falling into debt traps due to liquidity shortfalls between pay cycles. The support and confidence that global investors such as Tiger Global have shown in us is a testament to our mission.”
Alex Cook, Partner, Tiger Global, said, “We believe Refyne will be the preferred partner for large employers that want to offer EWA. We are excited to support Chitresh, Apoorv and the Refyne team, as they work to improve financial wellness for the Indian workforce.”
Refyne’s angel investors and advisors include Indian fintech veterans Susir Kumar, founder of Intelenet; Bobby Mehta, chairman of Jones Lang Lasalle’s board, former head of TransUnion and Allstate Corp; and private global venture capital investor and entrepreneur Oliver Jung.
Refyne’s partner companies include Practo, TeamLease, CARS24, Tenon, Shadowfax, Rebel Foods, Acko, BlackBuck, Arti Group, Cafe Coffee Day, among several others.
Asia’s first comprehensive report on EWA and financial well-being in India by Ernst and Young, in partnership with Refyne, noted that 81% employees face liquidity crunch between pay cycles.
The report also noted employers who implemented EWA observed a significant drop in attrition, faster talent acquisition, enhanced workforce productivity, and improved eNPS.
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