Get All Access for $5/mo

Refyne Raises $82 Million In Series B Funding The funds will be used for product development, expansion of the team and to ramp up various business functions

By Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

Refyne, India's first and largest earned wage access (EWA) platform, has raised $82 million in Series B led by Tiger Global, with significant contribution coming in from existing international investors - QED Investors, partners of DST Global, Jigsaw VC, XYZ Capital and RTP Global.

Within just 10 months of being operational, Refyne has raised a total of $106 million. The company has pioneered EWA for the Indian workforce, establishing a stronghold as the leader for on-demand pay in the market. In less than a year, Refyne's transacting user base has grown 68 times and the platform recorded 165 times increase in the number of transactions over the period, underscoring the liquidity gap being addressed by EWA.

The funds will be used for product development, expansion of the team, and to ramp up various business functions.

"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. The support and confidence that global investors such as Tiger Global have shown us is a testament to our mission," said Chitresh Sharma, CEO and co-founder of Refyne.

"We believe Refyne will be the preferred partner for large employers that want to offer Earned Wage Access. We are excited to support the Refyne team, as they work to improve financial wellness for the Indian workforce," said Alex Cook, partner at Tiger Global.

Refyne, founded by Chitresh Sharma and Apoorv Kumar, has quickly become India's premier EWA platform that 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 3 million employees in 12 months, added the statement.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Growing a Business

Stop the Errors: Set a Review Process That Works

Mistakes make you look unprofessional and hurt your growth. Fix them today.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.

News and Trends

5 Things to Know About India's Chess Pride, Gukesh Dommaraju

He is not only inspired by Dhoni but also relies on a coach from Dhoni's cricketing era to help him prepare mentally.