Refyne, a Bengaluru-headquartered earned wage access (EWA) solutions provider, has raised $82 million in a Series B round of funding led by Tiger Global Management. The funding round also saw participation from returning investors DST Global, Jigsaw VC, XYZ Capital and RTP Global. Digital Horizon, a UK-headquartered venture capital firm, joined the round as a new investor.

As per the startup, the raised funds will be utilised for product development, team expansion, and ramping up business functions.

Refyne | Earned Wage Access Solutions Provider

Founded by Chitresh Sharma and Apoorv Kumar in 2020, Refyne 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. 

With its plug and play technology, employees can see and withdraw their earned salary instead of opting for exploitative payday loans or other high-interest credit schemes. It can be integrated with the company’s existing Human Resource Management System (HRMS) and Enterprise Resource Planning (ERP) service.

As per Chitresh Sharma, the Co-founder of Refyne, 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. And usually, they allocate more money than necessary to the customers. Since EWA is not a loan, Refyne does not charge interest or processing fees, Chitresh added.

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. 

Offering its services across 12 Indian languages to over seven lakh employees across 150 organisations, the startup has partnered with companies like Practo, Cars24, CCD, Shadowfax, Rebel Foods, BlackBuck, ACKO Insurance, and others.

The funding announcement comes within months of Refyne’s $16 million Series A round, which closed in June 2021, and the company has seen a 6.5X jump in valuation from the previous round.

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