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Refyne raises $82M in Series B round

Earned wage access (EWA) solutions provider Refyne has announced raising $82 million in a Series B round of funding led by Tiger Global Management. 

Returning investors DST Global, Jigsaw VC, XYZ Capital, and RTP Global also participated in the round. UK-headquartered venture capital firm Digital Horizon also joined the round as a new investor.

The announcement comes within months of Refyne’s $16 million Series A round which closed in June 2021. The company has seen a 6.5X jump in valuation from the previous round, though it declined to comment on the exact numbers. 

The current round takes the total equity capital raised by Refyne to nearly $106 million, within 10 months of being operational.

The company will utilize the fresh capital for product development, team expansion, and ramp up business functions, the company said in a statement. 

“Often the payday loan apps and other lenders do not disclose the multiple overheads such as processing fee, early payment fee or late payment fee, etc. Often they allocate more money than necessary to the customers,” said Chitresh Sharma, Co-founder and CEO of Refyne. Since EWA is not a loan, Refyne does not charge interest or processing fees. 

He further added, “We let employees access part of their unpaid, accrued salary earned by them any time within 60 seconds. This solves liquidity issues for these employees and has improved the retention for the companies we work with by nearly 30 percent.”

The company, founded in 2020 by Chitresh and Apoorv Kumar, works on a Business-to-Business-to-Consumer model (B2B2C) where the service is offered by a company to its employees as part of payroll. It can be integrated with the company’s existing Human Resource Management System (HRMS) and Enterprise Resource Planning (ERP) service. Refyne also offers a proprietary vendor management system and attendance management system for large enterprises to scale EWA for on-roll and off-roll employees. 

Refyne has partnered with companies like Practo, Cars24, Shadowfax, Rebel Foods, ACKO Insurance, BlackBuck, Cafe Coffee Day, and others.

Refyne offers its services across 12 Indian languages to over seven lakh employees across 150 organizations. It plans on touching 30 lakh employees over the next year. 

Refyne seems to be an interesting platform benefiting several employees of the companies it works with. I’m sure the company will continue to grow its clientele and reach new heights of success. My best wishes to the team of Refyne.

Shishir Gupta, Founder and CEO, StartupLanes

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