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
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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.