Bengaluru-based earned wage access (EWA) solution for companies – Refyne, on Wednesday announced the closing of its $ 16 million Series A round from new investors including partners of DST Global and RTP Global. Existing investors, – including QED Investors and Jigsaw VC, which led December’s US$ 4.1M seed round, and XYZ Capital, also participated in this round.
According to an official statement, the funding will be deployed to expand the technology team and scale growth initiatives.
Founded in 2020, by Chitresh Sharma and Apoorv Kumar, Refyne is a mobile-first platform for employees of partner companies to manage their finances and discover innovative ways to track, budget, spend and save their money.
Employees can withdraw their amount using Refyne’s app at any point before their payday. The financial wellness solution is free for organisations and integrates seamlessly with any existing HRMS and ERP service.
Speaking on the fundraise, 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”.
Commenting on the investment, Nigel Morris, QED Investors Managing Partner and Co-founder added,
“As the first company in India to provide earned wage access, Refyne can revolutionise 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 on a daily basis. 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 a short period of five months, Refyne claims to have partnered with almost 100 companies with over 300,000 employees in India, and plans to cover more than one million workers this financial year. Some of the prominent brands the B2B2C startup has partnered with includes CARS24, Rebel Foods, Cafe Coffee Day, Hira Group, Chai Point, Wow! Momos, among several others.