Bengaluru-based Refyne, which provides earned wage access (EWA) solution for companies, announced the closing of its $ 16 million Series A round from new investors including partners of DST Global and RTP Global.
The round also saw participation from existing investors including QED Investors and Jigsaw VC, and XYZ Capital.
According to the official statement, the company will use the freshly raised funds to increase the technology team and drive growth initiatives.
Established in 2020 by Chitresh Sharma and Apoorv Kumar, Refyne is a mobile-first platform for employees of partner organizations to maintain their finances and explore innovative methods to track, budget, spend and save their money.
Employees can withdraw their amount through Refyne’s app anytime before their payday. The financial wellness solution is free for companies and combines easily with any existing HRMS and ERP service.
Commenting on the funding, Chitresh Sharma, CEO and Co-founder, stated, “We are delighted to be supported by some amazing investor partners in our journey. While we are aware of the responsibilities on our shoulders, having amazing stakeholders on board helps us move faster and stronger. Times like Covid have shown that Refyne’s offerings and culture DNA share the umbilical cord of resilience. We believe we have found a great product-market fit, and, more importantly, a great team that believes in the mission of creating a positive impact on the lives of millions of people”.
Speaking about the investment, Nigel Morris, QED Investors Managing Partner and Co-founder said, “As the first company in India to provide earned wage access, Refyne can revolutionize the way millions of workers manage their money. By providing a real, affordable alternative to payday loans, Refyne will not only improve a person’s financial health, but it will add control for the consumer and dramatically reduce the stress on those who worry about meeting their financial obligations.”
“This round represents our first investment in India, and we couldn’t be more excited to partner with a world-class team that is solving important societal and financial problems daily. We’ve seen the success of earned wage access companies across the globe, and I have no doubt that Refyne will have an immediate and significant impact”, Morris added.
Over just five months, Refyne claims to have collaborated with nearly 100 companies with more than 300,000 employees in India and is looking to cross over one million workers this financial year.
Some of the notable brands the B2B2C startup has collaborated with include CARS24, Rebel Foods, Cafe Coffee Day, Hira Group, Chai Point, Wow! Momos, among several others.
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