Fintech platform Refyne on Wednesday said it has raised $82 million in its Series B funding led by Tiger Global.
The platform enables employees to withdraw their earned salary in real time before the payment is due, thus reducing debt traps by providing instant access to earned salary. The Earned Wage Access (EWA) solution provider said the since its inception (December 2020), it has raised a total of $106 million.
Earned Wage Access provides access to a portion of their accrued (but unpaid) salary any time before payday. EWA is not a loan, therefore does not involve borrowing on the part of the employee and carries no cost to the employer.
"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," said Chitresh Sharma, CEO and Co-Founder, Refyne. The latest funding round was joined by existing investors QED and partners of DST Global, among others.
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The company has partnered with more than 150 organizations, catering to over 700,000 employees. It expects to reach more than 3 million employees in 12 months. In less than a year, Refyne's transacting user base has grown 68x and the platform recorded 165x increase in the number of transactions over the period, underscoring the liquidity gap being addressed by EWA.
The Series B funding will propel Refyne's position as an innovative product in India's fiercely competitive fintech space that is simplifying personal finance for the masses on a mega scale. The funds will be used for product development, expansion of the team, and to ramp up various business functions, said the company.
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"We believe Refyne will be the preferred partner for large employers that want to offer Earned Wage Access," said Alex Cook, Partner, Tiger Global. Refyne's partner companies include Practo, TeamLease, CARS24, Tenon, Shadowfax, Rebel Foods, Acko, BlackBuck, Arti Group, Cafe Coffee Day, among several others.