Refyne has secured $82 million in a Series B, which the company stated will be utilised for product development, team expansion and to ramp up business functions.
Chitresh Sharma, Co-founder and CEO of Refyne says “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. Often they allocate more money than necessary to the customers. Since EWA is not a loan, Refyne does not charge interest or processing fees.
He further added, “We let employees access part of their unpaid, accrued salary earned by them any time within 60 seconds. This solves liquidity issues for these employees and has improved the retention for the companies we work with by nearly 30 percent.”
The company, founded in 2020 by Chitresh and Apoorv Kumar, 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. It can be integrated with the company’s existing Human Resource Management System (HRMS) and Enterprise Resource Planning (ERP) service. 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.
Refyne has partnered with companies like Practo, Cars24, Shadowfax, Rebel Foods, ACKO Insurance, BlackBuck, Cafe Coffee Day and others.
Refyne has seen a 6.5X jump in valuation in the previous round when it raised $16 Million
Refyne offers its services across 12 Indian languages to over seven lakh employees across 150 organisations. It plans on touching 30 lakh employees over the next year.
Chitresh states that the company had applied for an NBFC license, while it currently worked with multiple NBFC partners to offer its services. “We will look at the data available with us and add products which will help people manage their personal finance better,” he added.
The announcement comes within months of Refyne’s $16 million Series A round which closed in June 2021. The company has seen a 6.5X jump in valuation from the previous round.
The current round takes the total equity capital raised by Refyne to nearly $106 million, within 10 months of being operational.
Returning investors DST Global, Jigsaw VC, XYZ Capital and RTP Global also participated in the round. UK-headquartered venture capital firm Digital Horizon also joined the round as a new investor.