Bengaluru-headquartered Refyne, which lets employees access their accrued wages in real-time, has raised $82 million in a new financing round led by New York-based investment firm Tiger Global.
Existing investors such as QED Investors, partners of DST Global, XYZ Capital, and RTP Global also participated in the Series B funding that has taken the total capital raised by Refyne to $106 million within just 10 months of being operational, it said in a statement.
The fintech company will use the funds for product development, expansion of the team, and to ramp up various business functions.
Earned Wage Access platform (EWA), as the business model is called, 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 organizations, catering to over 700,000 employees. It expects to reach more than three million employees in 12 months.
The CEO and co-founder of the company, Chitresh Sharma, 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. Refyne has been on a hyper-growth trajectory and the series B will help scale our business to build financial inclusivity in the workplace and eliminate predatory lending,’
The B2B2C company was founded in 2020 by Chitresh Sharma and Apoorv Kumar. Refyne’s partner companies include Practo, TeamLease, CARS24, Tenon, Shadowfax, Rebel Foods, Acko, BlackBuck, Aarti Industries, and Cafe Coffee Day.