PremiumBENGALURU: City-based Refyne on Wednesday said it has raised $16 million as a part of its Series A funding round, led by new investors RTP Global and individual partners of DST Global.
Existing investors XYZ Capital, QED Investors, and Jigsaw VC also participated in the round.
The current fundraise comes just six months after the startup raised $4.1 million as a part of its seed funding round in December 2020.
The fresh funds will be used to expand the company's technology team and scale growth initiatives.
Refyne provides short-term credit facilities, allowing employers to provide plug and play software that enables employees to access their real-time earned salary. Employees can withdraw this amount using Refyne’s app at any point before their payday.
"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 onboard helps us move faster and stronger. 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," said Chitresh Sharma, chief executive officer and co-founder of Refyne.
Refyne also helps employees of partner companies manage their finances and discover innovative ways to track, budget, spend and save their money.
"The need for financial inclusion is more important today than ever before. We’ve seen the success of earned wage access companies across the globe, and Refyne can revolutionise the way millions of workers manage their money. By providing a real, affordable alternative to payday loans, Refyne will improve a person’s financial health," said Nigel Morris, managing partner and co-founder, QED Investors.
In five months since its launch, Refyne has partnered with almost 100 companies with over 300,000 employees in India. It plans to tap more than 1 million workers this financial year, with its solution stack. Refyne’s clientele includes CARS24, Rebel Foods, Cafe Coffee Day, Hira Group, Chai Point, Wow! Momos, among others.
"Refyne is a powerful, pertinent financial solution created for the emerging middle class in the country. With Refyne, all employers can now empathetically and substantially stand by their teams in the hours of greatest need," said Sandeep Patil, partner, QED Investors.
